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January 22, 2017

Arpwood Capital tops Transaction Advisor League Tables for M&A Deals in 2016

EY, Standard Chartered Bank take no.2 and no.3 slots; EY, PwC top inclusive of due diligence services

Arpwood Capital topped the Venture Intelligence League Tables for Transaction Advisor to M&A transactions for 2016 advising M&A deals worth $11 billion (across four qualifying deals) followed by Ernst & Young ($8.5 billion across 13 deals) and Standard Chartered Bank ($7.7 billion across four deals).

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Transaction and Legal Advisory firms.

Arpwood Capital advised M&A deals during the year included the acquisition of Essar Oil by Rosneftat an enterprise value of $13 Billion and the merger of Max Life and HDFC Life. Ernst & Young advised deals included the merger of wireless business of Reliance Communications with Aircel and the $23 million acquisition of online poker service by Delta Corp. Standard Chartered Bank advised the $2.4 billion acquisition of the cement capacity of Jaiprakash Associates by Ultratech Cement and the $93 million acquisition of Excel Crop Care by Sumitomo.

SBI Capital Markets ($7.6 billion across five deals) and Kotak Investment Banking ($6.7 billion across seven deals) completed the List of Top 5 for 2016.

Inclusive of its roles in due diligence and related advisory activities, EY topped the League Tables for Transaction Advisor for M&A in 2016 advising 54 deals worth $17.1 billion (13 being for pure financial advisory). PwC came in next advising M&A Deals worth $11.1 billion across 45 deals (8 of them were pure financial advisory). M&A deals advised by PwC included the $21 million acquisition of Andhra Pradesh Expressway by Cube Highways and the $24 million acquisition of foundry unit of Larsen & Toubro by Bradken. EY also topped the tables in terms of deal volume, followed by Axis Capital (8 deals worth $3.8 billion), PwC (8 financials advisory deals worth $91 million) and Technology Holdings (8 deals worth $280 million). Kotak and KPMG (7 deals worth $5.3 billion) came in third. Deloitte (6 deals worth $25 million) and JM Financial (6 deals worth $4.7 billion) came in next while Ambit Corporate Finance (5 deals worth $4.7 billion), Equirus (5 deals worth $126 million) and SBI Caps (5 deals worth $7.6 billion) rounded up the top five slots in terms of deal volume.

By Industry

Technology Holding advised 8 M&A deals worth $280 million involving Information Technology (IT) focused companies, followed by JM Financial (Geometric – HCL Technologies worth $263 million), Deloitte ($200 million across two deals). EY topped the BFSI tables advising five deals with a value tag of $3.5 billion, followed by Kotak ($3.5 billion across three deals) and Arpwood Capital ($3.1 billion across two deals).

SBI Caps topped the Infrastructure deals table, advising four deals worth $7.6 billion. Arpwood Capital (Essar Oil – Rosneft, Others) and Standard Chartered (two deals worth $5.2 billion) completed the top 3 slots.

Jefferies & Co. led the Healthcare deals table advising two deals with a value tag of $1.9 billion whereas Credit Suisse (Claris Lifesciences - Baxter International worth $630 million) and Mehta Partners (Novartis - Sun Pharma worth $300 million) accounted for the second and third spots.

Among Education deals, Sprout Capital led the table advising the $40 million acquisition of the Real Estate assets of Jain Group School by Cerestra, followed by The RainMaker Group which advised the acquisition of a majority stake in EduPristine by Kaizen PE and DeVry.

New Entrants to the Venture Intelligence M&A table for Transaction Advisors during 2016 include The RainMaker Group, Lastaki Advisors, Ladderup, BDA Partners and Greenstone Energy Advisors.

The full league tables can be viewed online at 

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.