Mergermarket Q3 2018: Shardul Amarchand Mangaldas tops deal value, count tables

Mergermarket has released its M&A league tables for the third quarter of 2018. Shardul Amarchand Mangaldas has topped the Indian M&A tables in terms of deal value, and has recorded the highest number of deals for this quarter.

The Mergermarket report states that M&A in the Asia-Pacific experienced a significant downturn in the third quarter, following a strong first half of 2018 amid trade tension between China and the US.

This quarter was characterized by a low number of high-profile deals, with 882 deals worth $164.6 billion being reported in Q3 2018, as opposed to the 1,058 deals (at $171.3 billion) recorded in the third quarter of 2017.

However, the report notes that India has become an emerging investment hot spot. 119 deals worth $33.8 billion were announced this year, accounting for 43.2% of the region’s overall inbound activity. The report attributes the passing of the Insolvency and Bankruptcy Code to this development, stating that the same has brought new opportunities for investors.

Two Indian deals feature in the top five most highly valued deals in the region. These are Walmart’s acquisition of Flipkart in May, and Bharti Infratel’s acquisition of Indus Towers that took place during the end of April.

Q1-Q3 India M&A Tables by Deal Value

Shardul Amarchand Mangaldas has recorded 76 deals at a value of $43 billion from Q1-Q3. AZB & Partners is not far behind, having recorded 70 deals at $40.09 billion. Cyril Amarchand Mangaldas is in third place, 47 deals at $31.4 billion, followed by Khaitan & Co. with 42 deals at $22.2 billion.

The rest of the top ten features foreign law firms like Fried Frank Harris Shriver & Jacobson, Allen & Gledhill, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, Hogan Lovells International, Dentons Rodyk & Davidson, and Gibson Dunn & Crutcher.

Q1-Q3 India M&A Tables by Deal Count

The top four in terms of deal count mirror the deal value tables; Shardul Amarchand has 76 deals, followed by AZB’s 70 deals, Cyril Amarchand’s 47 deals and Khaitan & Co’s 42 deals.

Trilegal is in fifth with 33 deals, followed by Nishith Desai Associates with 25 deals, J Sagar Associates with 18 deals, and L&L Partners (Luthra & Luthra) with 14 deals. DSK Legal and Bathiya Legal complete the top ten with 13 and 11 deals respectively.

International Mentions

Firms like Shardul Amarchand Mangaldas, AZB & Partners, Cyril Amarchand Mangaldas and Khaitan & Co have featured in the Asia Pacific (ex. Japan) league tables in terms of both deal value and deal count. Trilegal also features in the deal count table.

A number of Indian law firms including Platinum Partners, Nishith Desai Associates, J Sagar Associates and AZB feature in the African M&A league tables for deal value, while SAM finds mention in the deal count table. SAM is also featured in the M&A league tables for Canada.