Private Equity

PE Fund Investments

AZB & Partners tops League Table for Legal Advisors to M&A deals in 2021

CAM and Trilegal Take 2nd and 3rd Spots  

AZB & Partners (AZB) topped the Venture Intelligence League Table for Legal Advisor to M&A Transactions during 2021, advising 77 deals worth $31.2 Billion. It was followed by Cyril Amarchand Mangaldas (CAM) ($26.3 Billion across 79 deals) and Trilegal ($16.6 Billion across 24 deals), respectively. Shardul Amarchand Mangaldas (SAM) ($16.5 Billion across 37 deals) and Khaitan & Co. ($12.9 Billion across 82 deals) completed the top five. Among the larger deals during 2021, AZB, CAM and Trilegal advised Piramal Enterprises' acquisition of stressed mortgage lender DHFL for $5.2 Billion. AZB, SAM, and Trilegal advised the $4.7 Billion acquisition of digital payments provider Billdesk by PayU. CAM advised Adani Green Energy's acquisition of 100% interest in SB Energy from Japan's SoftBank Group and Bharti Group for $3.5 Billion. SAM advised Carlyle Group's $3 Billion acquisition of IT services firm Hexaware Technologies. AZB, CAM, and Link Legal advised the $2.4 Billion winning bid by Tata Sons for the national air carrier Air India. AZB and Davis Polk & Wardwell advised Reliance Industries' $771 million acquisition of Norway-headquartered REC Solar Holdings from China National Bluestar (Group) Co Ltd. CAM and Talwar Thakore & Associates advised HSBC's $425 million acquisition of L&T Finance Holdings' mutual fund business unit. The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on the value of PE and M&A transactions advised by Financial and Legal Advisory firms. By Deal Volume Khaitan & Co. topped the tables in terms of deal volume having advised 82 deals. CAM took the second spot with 79 deals, followed by AZB with 77 deals. IndusLaw (43 deals) and SAM (37 deals) took the fourth and fifth spots respectively.