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India’s top 30+ M&A firms of 2017: AZB, SAM top mergermarket rankings as CAM drops, Luthra takes bottom rungs

Who are the busiest M&A firms in the land? This ranking gives a good ideaWho are the busiest M&A firms in the land? This ranking gives a good idea

AZB & Partners and Shardul Amarchand Mangaldas (SAM) acted on the biggest and greatest number of deals respectively, according to mergermarket (MM), which captured far fewer deals than both Bloomberg and Thomson Reuters databases that we had reported last week, in part due to its different deal eligibility criteria (see below).

Our report of the league table of international firms active in India will follow shortly.

While AZB led in terms of value amongst domestic firms, with 68 deals worth almost $29bn, in terms of volume it chased SAM by a whisker whose 71 deals led the charts, though its $25.49bn worth of deals came right after AZB in the charts.

In terms of growth since the last calendar year, SAM acted on 21 more deals and worth 141.1% more in value, while AZB shrunk by 6% in terms of value and 2 deals in terms of total number.

Cyril Amarchand Mangaldas also shrunk in terms of both value and volume since the last fiscal by 72% and 5 deals respectively, having missed out on a mandate of the giant $12.2bn Vodafone-IDEA merger that has dominated the M&A league tables since the second half of 2017, boosting five firms (.

Value

Trilegal followed AZB and SAM in terms of overall value with 37 deals worth $17.5bn and an improvement of over 528% since 2016.

Of CAM's submissions to MM, 54 deals worth $11.28bn were accepted, which followed AZB, SAM, Trilegal, S&R Associates, Vaish Associates, Bharucha & Partners and Khaitan & Co in terms of deal value.

By contrast, at the end of 2016's third quarter, CAM had already raked in more than $13bn from only 36 deals accepted by mergermarket.

S&R's 10 deals were worth $16.66bn, Vaish's 8 deals were worth over $13bn, Bharucha raked in over $13bn from just 2 deals and Khaitan's 58 deals were worth $11.45bn.

Bharucha & Partners saw a huge jump of 6900% in deal values of $13bn this year from only two deals, of which the Vodafone-IDIA merger contributed $12.2bn to its total.

Luthra & Luthra with its nine small reported deals worth only $643m in value was among the last seven firms on the chart in terms of deal value, just ahead of relatively young firm Veritas Legal, which advised on $430m from 4 M&A deals.

Volume

CAM fell behind SAM, AZB and Khaitan & Co in terms of deal volume too.

Trilegal, HSA Advocates, J Sagar Associates (JSA), Desai & Diwanji, DSK Legal, Nishith Desai Associates, S&R Associates and PDS Legal all had double-digit deal counts this year in MM's database.

DSK Legal had broken into the top 10 by volume from 26th the previous year (and by value, the firm jumped from 108th in 2016 to 16th in 2017 with $710m this year).

Luthra was the lowest-ranked firm amongst India's largest firms in the volume stakes too, with only 9 deals, ranking it in 13th position by that metric just ahead of Vaish Associates, IndusLaw and Tatva Legal (with 8, 8 and 7 deals to their name respectively).

Methodology vs Bloomberg

The Bloomberg league table had registered 83 submissions for CAM in 2017, while for AZB Bloomberg had tallied up 105 deals worth $48bn, and for SAM 55 deals worth $20bn.

Mergermarket's M&A league table only considers transactions with a minimum value of $5m submitted to the company or captured in its database otherwise. Deals with undisclosed deal values are included only where a target’s turnover exceeds $10m, and effective stake sales of less than 30% are only included if the deal value is greater than $100m. Mergermarket's full criteria are available here.

By value 2017 mergermarket league table

20172016

201720172016
RankRankFirmValue ($m)Deal CountValue ($m)% Val. Change y-o-y
12AZB & Partners28,9326930,616-5.50%
25Shardul Amarchand Mangaldas & Co25,4957110,575141.10%
318Trilegal17,538372,792528.20%
412S&R Associates16,662103,965320.20%
516Vaish Associates13,05782,948342.90%
666Bharucha & Partners13,00421856929.20%
73Khaitan & Co11,4475817,422-34.30%
81Cyril Amarchand Mangaldas11,2825440,306-72.00%
96J Sagar Associates3,471238,849-60.80%
1020Desai & Diwanji2,546182,5280.70%
1123Nishith Desai Associates2,384131,96521.30%
1248Wadia Ghandy & Co1,3982494183.00%
1355HSA Advocates1,39519408241.90%
1479PDS Legal1,128101011016.80%
1510Herbert Smith Freehills1,10626,631-83.30%
16108DSK Legal71018302266.70%
1717Luthra & Luthra Law Offices64392,808-77.10%
1824Veritas Legal43041,953-78.00%
1925Platinum Partners41431,644-74.80%
2076Argus Partners2853133114.30%
2128IndusLaw27681,422-80.60%
2257Tatva Legal2637366-28.10%
23122Link Legal – India Law Services1735131230.80%

By volume 2017 mergermarket league table

20172016201720172016
RankRankFirmValue ($m)Deal CountDeal CountDeal Change y-o-y
14

Shardul Amarchand Mangaldas

25,495715021
21AZB & Partners28,9326971-2
33Khaitan & Co11,44758553
42

Cyril Amarchand Mangaldas

11,2825459-5
56Trilegal17,53837343
65

J Sagar Associates

3,4712334-11
78HSA Advocates1,3951921-2
87Desai & Diwanji2,5461821-3
926DSK Legal71018711
1013

Nishith Desai Associates

2,3841314-1
1136S&R Associates16,6621046
1219PDS Legal1,1281082
139

Luthra & Luthra Law Offices

643920-11
1430Vaish Associates13,057862
1515IndusLaw276811-3
1616Tatva Legal263710-3
1775

Link Legal – India Law Services

173523
1824Phoenix Legal7757-2
1910Bathiya Legal69520-15
2035

Talwar Thakore & Associates

27541
2111Veritas Legal430419-15
2225

Economic Laws Practice (ELP)

4747-3
2320

Platinum Partners

41437-4
2496Argus Partners285312
2518

Krishnamurthy & Co

8339-6
26166

Indian Law Partners

37312
2734

Bharucha & Partners

13,00425-3
2823

Wadia Ghandy & Co

1,39827-5
29-

Chandhiok & Associates

1462--
3064

Jerome Merchant + Partners

122220
3173

Samvad Partners

116220

Data source: mergermarket

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1
Like +11 Object -0 Bottom of the chart 09 Jan 18, 20:42  interesting
Really sad to see Luthra reach the bottom of the charts. Most of their key M&A folks quit years ago, and the regulatory team is trying to double up as M&A teams.
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Like +0 Object -5 GIFFY 09 Jan 18, 23:09
Only DB, DLB and BJ can save Luthra! May God give them strength and courage during these tough times
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Like +0 Object -0 Alias 10 Jan 18, 12:19
BJ !!??
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Like +1 Object -0 jackal 11 Jan 18, 15:50
kahan? kidhar?
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Like +0 Object -0 ?? 10 Jan 18, 22:52
DB? DLB? BJ?
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1.2
Like +7 Object -3 Chamcha 10 Jan 18, 15:19
Looks like regulatory team cleared it's own deals while sabotaging those of other teams. We all were given the impression that senior most M&A Partners of Delhi were still around and Mumbai was presented as a trendsetter
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Like +1 Object -1 urus 09 Jan 18, 22:07
Bathiya Legal continues to remain a mystery !!
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Like +0 Object -0 Alias 10 Jan 18, 12:27
It is a CA firm babua!
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Like +0 Object -0 Mop 09 Jan 18, 22:59
What happened to CAM?
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4
Like +8 Object -1 ElCid 09 Jan 18, 23:44  interesting
One Luthra break away has by himself pulled up his firm to 17th rank (number of deals). Wish they all come back.
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Like +2 Object -1 Yaaas 10 Jan 18, 12:06
Because he is Star Boy!!
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Like +2 Object -0 LL follower 11 Jan 18, 01:46
Its also because of one large spicejet deal.....link legal doesnt do too many higj value deals.....everyone knows it
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Like +1 Object -1 Fan 11 Jan 18, 13:17
Way to go Manish & Sid.. really glad and proud on ur achievements... u guys really rock
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Like +1 Object -0 Richard Truesdell 10 Jan 18, 08:39
Why no IPO table Kian!!
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Like +0 Object -1 Guest 10 Jan 18, 13:26
Please do not believe such negative news. It is fake news by paid media.
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Like +2 Object -0 Ex-luthra 10 Jan 18, 22:14
Was at luthra in 2014, can't say they are so bad. They do some good deals.
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Like +5 Object -0 Baby sitter 10 Jan 18, 23:39  interesting
The way Luthra regulatory team is trying to set itself apart from the rest of the firm, looks like they have given or seeking to give out a matrimonial advertisement for prospective grooms. Only problem is that Luthra name doesn't sell as much as it used to 4-5 years back.
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Like +2 Object -0 Fresh Menu 11 Jan 18, 18:08
A few trends to note:

1. Bharucha has increased their deal value count by approx. 7,000% - whoa!!

2. Trilegal has increased their deal value count by approx. 530%, S&R by 320% and SAM by 141%.

3. CAM has gone down by 72%.

4. AZB and SAM are clearly the two market leaders. The Chambers and Partners ranking also established that.
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Like +1 Object -0 What an idea Sirjee 12 Jan 18, 01:54
1 and 2 are because of 1 deal...
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Like +2 Object -0 End if CAM? 12 Jan 18, 01:31
Who would have thought CAM would call so low after the split.
2-3 years after the split and seems that’s SAM is the successor of AMSS!
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