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2017 H1 M&A leagues: Vodea boosts 5 firms but SAM, AZB would have topped anyway, chased by Trilegal, CAM, NDA • Khaitan, Luthra down lower

Vodafone-Idea gives windfall to 5 firms in M&A league tables
Vodafone-Idea gives windfall to 5 firms in M&A league tables

The Vodafone-Idea mega-merger has gifted five Indian law firms a $10bn+ deal values in the first half of 2017 in league tables, according to data collated by analytics firm mergermarket.

The $12.2bn deal led to Shardul Amarchand Mangaldas (SAM) and AZB & Partners having advised on the greatest aggregate value of M&A transactions in the first half of 2017.

SAM and AZB (which both assisted on the transaction as competition counsel) advised on an aggregate of more than $16bn of M&A deals, with SAM exceeding AZB’s tally marginally by $200m.

However, even without the $12.2bn of the Vodafone deal, SAM and AZB would have topped the league table with 15 and 31 other deals, respectively, with values of $4.5bn and $4.4bn respectively.

S&R Associates, Vaish Associates and Bharucha & Partners, also received deal credit by mergermarket (although DMD Advocates, which advised Vodafone on taxation aspects of the deal, did not receive M&A credit).

Outside of Idea-fone

Amongst firms without Vodafone involvement, Trilegal made it into the seventh place with $2.7bn from 16 deals, marginally ahead of Cyril Amarchand Mangaldas, which stood at $2.7bn over 26 deals.

Nishith Desai & Associates, Desai & Diwanji and PDS Legal also managed to break the $1bn marker this half-year.

However, Khaitan & Co, despite registering 19 deals, has only notched up $854m of reported M&A deals so far this year, closely followed by J Sagar Associates (JSA) with 14 deals worth $616m.

The remaining Big 7 firm, Luthra & Luthra, came in even lower at $393m from 6 deals, behind DSK Legal and HSA Advocates’ deal values and volumes.

Platinum Partners and Veritas Legal came in 16th and 17th position by value from 3 deals each.

IndusLaw and Economic Laws Practice (ELP) both registered three deals worth $81m and $23m respectively.

By value

In terms of the total number of deals, the top of the table is dominated by the seven firms with the largest headcounts, other than Luthra.

By the total number of deals done, AZB came out on top with 32 deals, followed by Cyril Amarchand with 26, Khaitan with 19, Shardul Amarchand and Trilegal with 16 each, and J Sagar Associates (JSA) with 14.

Versus 2016

At the same time last year, in 2016, Cyril Amarchand was topping the values table at $6.2bn, followed by AZB with $4.5bn, Vaish Associates at $2.5bn and Shardul Amarchand and Khaitan around $1.9bn each, JSA at $1.2bn, Induslaw at $1.1bn and Trilegal at $1bn.

Luthra was not represented in the top 13 by value in 2016's first half (though by 2016 year end the firm made it to 10th in the table with $2.1bn from 17 deals).

India Based Legal advisor league table by value

Rank House

Value (USD M) Number of Deals
1 Shardul Amarchand Mangaldas & Co 16717 16
2 AZB & Partners 16578 32
3 S&R Associates 13212 6
4 Vaish Associates 12944 3
5 Bharucha & Partners 12668 1
6 Trilegal 2886 16
7 Cyril Amarchand Mangaldas 2715 26
8 Nishith Desai Associates 1870 8
9 Desai & Diwanji 1322 9
10 PDS Legal 1085 6
11 Khaitan & Co 854 19
12 J Sagar Associates 616 14
13 DSK Legal 515 10
14 HSA Advocates 424 7
15 Luthra & Luthra Law Offices 393 6
16 Platinum Partners 389 3
17 Veritas Legal 278 3

via mergermarket

India Based Legal advisor league table by deal count

Rank House

Value (USD M) Number of Deals
1 AZB & Partners 16578 32
2 Cyril Amarchand Mangaldas 2715 26
3 Khaitan & Co 854 19
4 Shardul Amarchand Mangaldas & Co 16717 16
5 Trilegal 2886 16
6 J Sagar Associates 616 14
7 DSK Legal 515 10
8 Desai & Diwanji 1322 9
9 Nishith Desai Associates 1870 8
10 HSA Advocates 424 7
11 S&R Associates 13212 6
12 PDS Legal 1085 6
13 Luthra & Luthra Law Offices 393 6
14 Bathiya Legal 45 4
15 Vaish Associates 12944 3
16 Platinum Partners 389 3
17 Veritas Legal 278 3
18 IndusLaw 81 3
19 Economic Laws Practice (ELP) 23 3
20 BMR Legal 98 2
21 Spice Route Legal 87 2

via mergermarket

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