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Mergermarket Q3 2016: Khaitan tops in deal value, AZB first in deal count

Aditya AK

The Mergermarket Indian M&A league tables for the third quarter of 2016 reveal that Khaitan & Co has displaced Cyril Amarchand Mangaldas and others to take the top spot in terms of deal value. AZB & Partners continues to lead the way in terms of the number of deals done.

This quarter proved to be the most productive one for Indian law firms; a value of $27.7 billion was generated from 98 deals. In the third quarter of 2016, India’s M&A activity stands at $46 billion dollars from 278 deals. To put that in perspective, there is an increase of 36.2% from the value for the whole of 2015, with one full quarter’s activity yet to be considered.

The merger between Grasim and Aditya Birla Nuovo has been listed as the fourth most expensive deal in the Asia Pacific (excl. Japan) region. This deal, which was acted upon by Khaitan and Cyril Amarchand, helped the Telecom sector achieve a new high; this year’s combined deal value of $16 billion is the highest on record for that sector.

It is also interesting to note that Luthra & Luthra has found mention in the European M&A tables, featuring at the 20th position in terms of deal value. The firm also features at 10th place in Germany’s league tables.

Khaitan finds itself in 18th in the APAC (excl. Japan) league tables in terms of deal value. The firm also features along with AZB and Cyril Amarchand in the APAC (excl. Japan) deal count table.

By Deal Value

Khaitan has a total deal value of $18.7 billion from its 42 deals, followed by AZB with $15.3 billion from 43 deals. Cyril Amarchand, which occupied the top spot till the first half of this year, is now in third with 36 deals at $13.1 billion.

J Sagar Associates is in fifth, with 20 deals at $8.7 billion; Shardul Amarchand Mangaldas is in seventh, with 26 deals at $5.6 billion; S&R Associates is in eighth with 3 deals worth $3.2 billion, and Vaish Associates ends the top ten, with 4 deals valued at $2.9 billion.

The other Indian firms in the list are Nishith Desai Associates and Platinum Partners. The international firms featuring in the Indian tables include Kirkland & Ellis, Slaughter & May, Davis Polk & Wardwell, Freshfields Bruckhaus Deringer, Simpson Thacher & Bartlett and Latham & Watkins.

RankFirmDeal Value ($ billion)Deal Count
1Khaitan & Co18.742
2AZB & Partners15.343
3Cyril Amarchand Mangaldas13.136
4Kirkland & Ellis8.83
5JSA8.720
6Slaughter & May7.84
7Shardul Amarchand Mangaldas5.626
8S&R Associates3.23
9Davis Polk & Wardwell3.11
10Vaish Associates2.94
11Freshfields Bruckhaus Deringer2.64
12Simpson Thacher & Bartlett2.12
13Nishith Desai Associates2.112
14Latham & Watkins1.94
15Platinum Partners1.66

By Deal Count

AZB tops this table with 43 deals, just one ahead of Khaitan with 42 deals. Cyril Amarchand is third with 36, followed by Trilegal with 27 and Shardul Amarchand with 26.

JSA, with 20 deals, Desai & Diwanji with 16, Veritas Legal and HSA Advocates with 14 deals each, and Luthra & Luthra with 12 complete the top ten. No foreign firms feature on this list.

RankFirmDeal Value (in $ billion)Deal Count
1AZB & Partners15.343
2Khaitan & Co18.742
3Cyril Amarchand Mangaldas13.136
4Trilegal1.427
5Shardul Amarchand Mangaldas5.626
6JSA8.720
7Desai & Diwanji0.616
8Veritas Legal1.214
9HSA Advocates0.214
10Luthra & Luthra0.813
11Nishith Desai Associates2.112
12BMR Legal0.310
13Bathiya Legal0.0210
14Krishnamurthy & Co.0.68
15Tatva Legal0.38
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