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January 31, 2018

Morgan Stanley tops Transaction Advisor League Tables for M&A Deals in 2017

Kotak, Axis Capital take no.2 and no.3 slots; EY tops inclusive of due diligence services



Morgan Stanley topped the Venture Intelligence League Tables for Transaction Advisor to M&A deals for 2017 advising M&A deals worth $17.7 billion (across five qualifying deals) followed by Kotak ($14.1 billion across nine deals) and Axis Capital ($12.9 billion across six 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.
In 2017, the Telecom industry driven by the consolidation, was the biggest source of mega sized M&A transactions. Financial advisors to the biggest M&A deal in 2017 - the Idea Cellular - Vodafone merger - were Kotak, Morgan Stanley, Rothschild, UBS, Axis Capital, Robey Warshaw, Bank of America Merrill Lynch, Deloitte and Ernst & Young. Kotak also advised American Tower Corporation’s acquisition of Idea Cellular and Vodafone tower businesses. Advisors to the Reliance Jio - Reliance Communication deal included Citi, SBI Caps, Goldman Sachs, JM Financial and Ernst & Young.
Morgan Stanley advised M&A deals also included the Bharat Financial Inclusion - IndusInd Bank merger and the Altran Technologies acquisition of Aricent. Axis Capital also advised the Capital Square Partners buyout of Aegis BPO and Axis Bank acquisition of Freecharge. UBS occupied the fourth spot and Robey Warshaw and Bank of America Merrill Lynch occupied the fifth spot respectively.
Inclusive of its roles in due diligence and related advisory activities, Ernst & Young topped the League Table advising 39 M&A deals worth $23.3 billion in 2017. Morgan Stanley occupied second place followed by Deloitte with $16.7 Billion. Kotak and Axis Capital completed the top 5 places.

By Deal Volume
Ernst & Young topped the tables by deal volume advising 16 deals worth $8 Billion, followed by PwC with 14 deals and KPMG at third place with 10 deals. Kotak and Singhi Advisors came in at fourth place with 9 deals each. Deloitte and Avendus finished off the top five with 7 deals.
By Industry

In IT & ITeS, the toppers were the advisors to the $2 Billion Altran Technologies - Aricent deal - Morgan Stanley, Goldman Sachs, Credit Agricole and JP Morgan. Avendus occupied the second spot with $562 million across 5 deals, followed by Axis Capital. By deal volume within IT, Technology Holdings along with Avendus occupied the top spot with 5 deals. Signal Hill Capital came in second with 4 deals worth $141 million. PwC and Kotak came third with 3 deals each.

In Financial Services, Morgan Stanley topped with $2.7 Billion, followed by other advisors to the Bharat Financial Inclusion - IndusInd Bank deal: Credit Suisse, Arpwood Capital and Ernst & Young.

In Healthcare & Lifesciences, Trans Continental Capital topped advising Torrent Pharma’s acquisition of the domestic business of Unichem Laboratories. Leerink Partners came second advising the Cadila Healthcare acquisition of Sentynl Therapeutics. Jefferies & Co. came third advising Aurobindo Pharma’s acquisition of Generis Farmaceutica.


The full league tables can be viewed online at http://www.ventureintelligence.com/leagues.php

Images for Top Rankings




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.