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Indian M&A league table Q3 2010: Firms harvest busiest M&A year on record

M&A pie chart AZB & Partners has topped the mergermarket league table for the first three quarters of 2010 in a record year of M&A activity so far. The firm is followed in the rankings by Desai & Diwanji, Amarchand Mangaldas, Khaitan & Co and newcomer Tatva Legal according to the total number of mandates.

AZB has advised on 49 deals in the first nine months of 2010 with a total value of $29.9bn, benefiting in 11 disclosed deals in the third quarter and in particular the $9.1bn purchase of Cairn India by Vedanta in early August, on which S&R Associates, Shepherd & Wedderburn and Freshfields Bruckhaus Deringer also pitched in.

The second largest deal in Q3 was the $2.6bn acquisition by Fortis Healthcare of Parkway Holdings where AZB was the only Indian law firm advisers, working with Singaporean firms Wong Partnership, Rajah & Tann and Stamford Law Corporation.

Desai & Diwanji tallied up a total of 15 deals in the last quarter to take its total this year to 29, with a total value of $1.3bn.

Amarchand in third position with 22 deals, added eight deals in Q3 in which its largest included M&A deal was the takeover of JSW Steel worth $1.1bn by AZB client JFE Steel Corporation.

Khaitan & Co found itself in fourth place having advised on $3.2bn over 11 deals in three quarters, with five alone in Q3. Its largest deal was its involvement in the Oberoi Hotels group sale to Reliance Industries Limited, for which AZB also appeared.

Nine-month-old Dua Associates spin-off Tatva Legal meanwhile racked up 11 deals in the year so far with a total value of $488m.

Trilegal and Nishith Desai Associates picked up eight and seven deals respectively this year so far.

Activity from international firms has been muted in the third quarter, with Allen & Overy and Linklaters still featuring highly in the list of law firm advisers after a strong first half of the year.

Indian Q1-Q3 2010 M&A activity has been the highest on record according to mergermarket. A total of 183 deals were announced, totalling $44.2bn in value, which is a 24.5 per cent increase in volumes and a 313 per cent increase in deal values compared to the same period in 2009.

The market sector with the most activity was the technology, media and telecoms (TMT) sector, which made up for 47.3 per cent of M&A activity.

Compare the current league tables to 2010’s first half-year, the 2010 first quarter, and the 2009 half-year and full 2009 calendar year M&A league tables.

Indian M&A legal advisers by volume, 1 January - 30 September 2010

Rank Q1-Q3 2009

Rank Q1-Q3 2010

Law firm

Value ($m)

Deal count

Deal count Q1-Q2 2010

3 1 AZB & Partners 29,907 49 38
2 2 Desai & Diwanji 1,383 29 14
4 3 Amarchand Mangaldas 6,106 22 14
1 4 Khaitan & Co 3,214 11 6
62 5 Tatva Legal 488 11 2
5 6 Trilegal 412 8 7
7 7 Nishith Desai Associates 204 7 3
40 8 Allen & Overy 12,578 5 5
6 9 J Sagar Associates (JSA) 322 5 3
- 10 Linklaters 12,170 4 3
9 11 Luthra & Luthra 4,445 4 3
13 12 DSK Legal 80 4 N/A
30 13 S&R Associates 9,332 3 N/A
47 14 DLA Piper 84 3 N/A
53 15 Stamford Law Corporation 9 3 N/A

Source mergermarket
Methodology: mergermarket included announced transactions over $5m in value from 1 January to 30 June 2010. Deals with undisclosed values were included if the target's turnover exceeded $10m. Deals where a stake of less than 30 per cent is acquired were only included if the value exceeded $100m.

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1
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Like +0 Object -0 Anonymous guest 09 Oct 10, 06:12
whom does s&r hire?? heard they only pick toppers..throw light
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Like +0 Object -0 Anonymous guest 09 Oct 10, 06:43
this year S & R has hired one from NALSAR and he is not a topper. [...]
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Like +0 Object -0 Anonymous guest 09 Oct 10, 06:52
S&R has a rockstar partner and good associates but they don't hire toppers
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Like +0 Object -0 Anonymous guest 09 Oct 10, 08:28
Not bad for Tatva Legal. Impressive number of deals (same as Khaitan). Trilegal is also going great guns but they are an older firm. No phoenix? Or is banking and finance excluded?
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Like +0 Object -0 Anonymous guest 09 Oct 10, 09:36
why is luthra at 9 ?? they have recently done a nearly 4 billion USD transaction. You have the details Kian, pls re check the tabulation. thanks
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Like +0 Object -0 Anonymous guest 09 Oct 10, 09:47
No Talwar Thakore??
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Like +0 Object -0 Anonymous guest 09 Oct 10, 10:28
There goes Luthra crying again-it is amazing how everytime luthra does not figure high on any list there are comments unnecessarily asking for credit.
#5-wake up- its a table that lists law firms based on number of deals and Luthra has been placed where it deserves based on that data.
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Like +0 Object -0 Anonymous guest 09 Oct 10, 10:36
Impressed with the rise of S&R-in terms of deal value it has risen to number 2 in the rankings
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Like +0 Object -0 Anonymous guest 09 Oct 10, 11:27
Well done Tatva
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Like +0 Object -0 Anonymous guest 09 Oct 10, 15:35
Luthra M&A - what's happening? Come on guys - work harder!
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Like +0 Object -0 Anonymous guest 09 Oct 10, 22:05
@1 and 2: S&R generally hire its interns. Though not always the topper, bt dey hire only from NLS and Nalsar as far freshers are concerned.
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Like +0 Object -0 Anonymous guest 09 Oct 10, 23:37
S&R hired non-intern toppers from NLS this year; they hired three originaly, already they are down to one: one went to oxford, one went to litigation and one has stayed in so far. so they hired some more :-)

thakker & thakker associates- s&r seems a great option..!
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Like +0 Object -0 Anonymous guest 10 Oct 10, 00:37
does an average national law school grad apart from NLS and NALSAR who has started his career with a small law firm stand any chance there....they dont seem to entrtain the cv. No jugaad here..
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Like +0 Object -0 Anonymous guest 10 Oct 10, 00:38
:-) Good One No. 12. Wonder how any law firm can consitently stay on top if it cannot hold on to its associates.
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Like +0 Object -0 Anonymous guest 10 Oct 10, 01:04
I think S&R will learn now that toppers are unreliable ;-) who is this one who left snr for litigation..? That must have been a HUGE pay drop..! :-)

14, I dont think snr should not have too much worries on that count; more than enough people will be looking at joining it. especially now, that it is getting into the biggest deals, has a new office etc...
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Like +0 Object -0 Anonymous guest 10 Oct 10, 01:47
AZB Rocks.. AMSS, D&D and Khaitan always does gr8 work in M&A.. great to see new firms like Tatva featuring so high in the list.. wats up with Luthra and JSA.. hardly see any of their deals getting reported these days..
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Like +0 Object -0 Anonymous guest 10 Oct 10, 04:21
Impressive show by S&R
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Like +0 Object -0 Anonymous guest 11 Oct 10, 10:54
whats up with Platinum Partners? They were like rocking the tables last year, seems to have fizzled out this year?
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Like +0 Object -0 Anonymous guest 11 Oct 10, 20:45
#18....When were Platinum Partners rocking the table??? This is news!
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Like +0 Object -0 Anonymous guest 11 Oct 10, 21:02
Exactly, same story with Talwar Thakore, it appears?
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Like +0 Object -0 kianganz 11 Oct 10, 23:29
Talwar Thakore Associates is included in the value tables by the way in fourth position, having advised on two deals totalling $10.7bn in the first half year (although no deals were added to the tally in the last quarter).

http://www.legallyindia.com/201007161107/Corporate-/-MA/azb-top-of-first-half-2010-maa-league-as-foreign-firms-pick-up-big-value-deals
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Like +0 Object -0 Anonymous guest 12 Oct 10, 01:01
mergermarket included announced transactions over $5m in value from 1 January to 30 June 2010. Deals with undisclosed values were included if the target's turnover exceeded $10m. Deals where a stake of less than 30 per cent is acquired were only included if the value exceeded $100m

Who came up with this weird methodology... A 6 mio USD 50% deal is included. But a 99 mio USD 10% deal is not. So a deal with enterprise value of 10 mio USD is included but one with enterprise value of 990 mio USD is not. Frankly illogical methodology.
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Like +0 Object -0 Anonymous guest 12 Oct 10, 02:05
@ kian.... do a piece on the DR market too.... bloomberg recently has come out with rankings of DR deals.... i have found that legally india concentrates mostly on ipos nd m&a s.... please change this trend.... following legally india will be more interesting if it breaks out from this mold .....
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Like +0 Object -0 Anonymous guest 12 Oct 10, 02:07
please reply to 13..interesting query..sounds as if he or she is in need of serious help..
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Like +0 Object -0 Anonymous guest 12 Oct 10, 20:08
There is something wrong here. How come Herbert Smith is not on the list when they acted for Bharti in the USD 10.7 billion acquisition of Zain's assets in Africa?
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Like +0 Object -0 Anonymous guest 12 Oct 10, 22:26
TTA has never done anything substantial.... It has always been a sinking firm or rather a front end for Linklaters in India...
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