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M&A league table: AZB, Trilegal, Luthra on top of meek start to 2014 but more to come...

Q1 M&A: In terrible shape
Q1 M&A: In terrible shape

Amarchand Mangaldas replaced AZB & Partners as Q1 2014’s front runner in reporting the maximum number of M&As, as AZB outranked other Indian firms in closing the biggest reported deals this quarter, according to rankings released today by mergermarket.

Amarchand reported two deals more than AZB’s five deals this calendar year’s first quarter. Luthra & Luthra and J Sagar Associates (JSA), with six deals each, were also in the lead.

Deal sizes grew and volumes shrunk, compared to last year. Barring Platinum Partners’ $1.6bn Strides Arcolab deal last year, which had put it in a considerable lead last year, AZB had led the rest of the Indian league with a total deal value of $510m. AZB’s deal values more than doubled this year’s first quarter to $1,031m.

Value wise

M&A in India’s first quarter totalled $3.5bn in Q1 2014, which is less than the Q1 2013 value that was only $3.7bn, according to mergermarket’s analysis, but excludes two huge deals that were announced just around the end of 2014 first quarter: Vodafone’s $1.4bn buy-out of stake in Piramal which S&R Associates and AZB led on, and Sun Pharma’s $4bn buyout of Ranbaxy closed by Amarchand, Crawford and Luthra, will likely skew the rankings significantly next quarter and set a new record.

Without those two giant deals included, Amarchand’s total deal value slipped to $380m, almost one-third of AZB’s $1,031m, and the lowest amongst nine Indian firms docketing triple-digit values.

Trilegal, Luthra, Vaish, Khaitan & Co, Crawford Bayley & Co, Nishith Desai Associates (NDA) and JSA lined up before Amarchand’s rank 9 on the value table.

Amarchand, AZB, Trilegal and Vaish Associates starred in the biggest reported deal closed this Q1 - possibly India’s biggest ever FDI in the power sector – the $616m sale of Karcham Wangtoo power plant by Jaiprakash Associates to TAQA.

Also bagging the $140m Tesco-Trent JV opposite AZB, Trilegal landed at second spot in the value league with two deals worth $755m.

Volume wise

Luthra dove back into the table, at second spot, after its absence from the league in Q1 2013. It showed an improvement of five deals over its one reported deal in 2012 – the last time it was present on the Q1 table.

JSA, tied with Luthra with six deals, improved its performance by 50 per cent since last Q1.

A total of 57 total deals in Q1 2014 was a slump against the figure in the previous quarter in a run up to the general elections.

Further reading

Domestic firms: By value

RankFirmValue (US$m)Deal Count
1 AZB & Partners 1,031 5
2 Trilegal 755 2
3 Luthra & Luthra 729 6
4 Vaish Associates 632 2
5 Khaitan & Co 574 4
6= Crawford Bayley & Co 496 1
6= Nishith Desai Associates 496 1
8 J Sagar Associates 395 6
9 Amarchand Mangaldas 380 7
10 Tatva Legal 37 3
11 K Law 29 1
12= DSK Legal 18 2
12= BMR Legal 18 1
14= Indus Law 16 1
14= Wadia Ghandy & Co 16 1

Source: mergermarket

Foreign firms: By value

  Firm Value US$ Deal count
1 Veirano Advogados 496 1
2 Herbert Smith Freehills 363 2
3= Bryan Cave 358 1
3= Davis Polk & Wardwell 358 1
5 Allen & Overy 314 1
6 Shearman & Sterling 260 1
7 DLA Piper 69 3
8= Latham & Watkins 30 1
8= Loyens & Loeff 30 1
8= O'Melveny & Myers 30 1

Source: mergermarket

Domestic firms: by volume

  Firm Value US$ Deal count
1 Amarchand Mangaldas 380 7
2 Luthra & Luthra 729 6
3 J Sagar Associates 395 6
4 AZB & Partners 1,031 5
5 Khaitan & Co 574 4
6 DLA Piper 69 3
7 Tatva Legal 37 3
8 Trilegal 755 2
9 Vaish Associates 632 2
11 DSK Legal 18 2
12 HSA Advocates 0 2
13= Crawford Bayley & Co 496 1
13= Nishith Desai Associates 496 1
23 K Law 29 1
24 BMR Legal 18 1
25= Indus Law 16 1
25= Wadia Ghandy & Co 16 1

Source: mergermarket

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