Mergermarket Q1 2017: Highest Q1 deal value since 2012; AZB & SAM top M&A tables
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Mergermarket Q1 2017: Highest Q1 deal value since 2012; AZB & SAM top M&A tables

Aditya AK

The latest Mergermarket league tables reveal that first quarter of 2017 recorded the highest Q1 deal value for India since 2011. A large portion of the $18.3 billion comes from the landmark Vodafone-Idea deal, which is worth $12.7 billion. This is the largest deal conducted by an Indian company on record, surpassing Tata Steel’s US$ 11.9bn takeover of Corus Plc.

M&A League Tables

AZB & Partners and Shardul Amarchand Mangaldas dominated both the deal value and deal count tables, with 14 deals at $14.2 billion and 7 deals at $13.1 billion respectively.

Deal Value

S&R Associates, Bharucha & Partners and Vaish Associates, the other law firms involved in the Vodafone-Idea deal, also make it in the top five. The other Indian law firms in the list include Trilegal with 4 deals at $0.3 billion, Nishith Desai Associates with 4 deals at $0.29 billion, Veritas Legal with 1 deal at $0.25 billion and Cyril Amarchand Mangaldas with a single deal at $0.24 billion.

The international law firms in the list include Slaughter & May, Borenius Attorneys, White & Case, Allen & Overy, Bryan Cave and Locke Lord.

RankFirmDeal Value ($ billion)Deal Count
1AZB & Partners14.314
2Shardul Amarchand Mangaldas13.17
3Slaughter & May12.82
4S&R Associates12.72
5Bharucha & Partners12.71
5Vaish Associates12.71
7Borenius Attorneys0.71
7White & Case0.71
9Trilegal0.44
10Nishith Desai Associates0.34
11Veritas Legal0.251
12Cyril Amarchand Mangaldas0.244
13Allen & Overy0.21
14Bryan Cave0.171
14Locke Lord0.171

Deal Count

Following AZB & SAM, Khaitan is third with 7 deals, followed by Trilegal, NDA, CAM and JSA with 4 deals each. A host of law firms, including Luthra & Luthra and BMR Legal, are tied with 2 deals each.

RankFirmDeal Value ($ billion)Deal Count
1AZB & Partners14.314
2Shardul Amarchand Mangaldas13.17
3Khaitan & Co.0.137
4Trilegal0.44
5Nishith Desai Associates0.34
6Cyril Amarchand Mangaldas0.244
7JSA0.154
8Slaughter & May12.82
9S&R Associates12.72
10Luthra & Luthra0.12
11BMR Legal0.092
12Greenberg Traurig0.092
13Spice Route Legal0.082
14HSA Advocates0.072
14IndusLaw0.072

AZB and SAM also feature in the Asia-Pacific (ex-Japan) league table by value, along with S&R, Bharucha and Vaish. The two firms also find mention in the UK deal value table and in the Asia Pacific (ex-Japan) deal count tables.

PE Deals

With a total value of $0.34 billion from 5 deals, AZB makes it to the PE buyout and exits table for Asia Pacific. Khaitan also made it to this table, with 3 deals at $0.02 billion. SAM had 1 deal at $0.25 billion, making it to the Asia-Pacific buyouts table.

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