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Showing posts from 2020

Cyril Amarchand Mangaldas tops League Table for Legal Advisors to M&A deals in H1 2020

Cyril Amarchand Mangaldas (CAM) topped the Venture Intelligence League Table for Legal Advisor to M&A Transactions for the half-year ending June 2020. CAM advised M&A deals worth USD 16.9 Billion (across 40 qualifying deals). CAM was followed by AZB & Partners (AZB, USD 9.7 Billion across 28 deals) and Davis Polk & Wardwell (USD 5.7 Billion) in second and third place respectively. Khaitan & Co. (KCO, USD 2.2 Billion across 25 deals) and Shardul Amarchand Mangaldas (SAM, USD 2 Billion across 6 deals) completed the top five.

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.
During the latest quarter, AZB and Davis Polk & Wardwell advised Reliance Industries in theUSD 5.7 Billion strategic investment by Facebook into its communications unit Jio Platforms. CAM advised the USD 2.7 Bill…

AZB tops League Table for Legal Advisors to Private Equity deals in in H1 2020

In a year thus far dominated by the mega investments in Jio Platforms, AZB & Partners (AZB) topped the Venture Intelligence League Table for Legal Advisor to Private Equity Transactions for the half-year ending June 2020. AZB advised deals worth USD 13 Billion (across 41 qualifying deals) during the period. Davis Polk & Wardwell (which advised the multiple Private Equity investments worth USD 9.8 Billion investment in Jio Platforms) and Shardul Amarchand Mangaldas (SAM) (USD 7.7 Billion across 23 deals) took the second and third spot respectively. Simpson Thacher & Bartlett (USD 2.9 Billion across 4 deals) and Cyril Amarchand Mangaldas (CAM) (USD 2.5 Billion across 32 deals) completed the top five.

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.
AZB and Davis Polk acted as legal advisors to…

Legal Capsule by Veyrah Law

HOSTILE MINORITY SHAREHOLDERS:
STATUTORY SQUEEZE-OUT; THE LAST RESORT?

During the early stages of a company’s life, Founders needing funds generally give away equity to multiple small investors – be it their wealthy neighbour, friends, or some angel investors. But, once the company and the business flourish, procuring funds becomes relatively easier. Often Founders may also wish to exit the business by sale of the entire business to a strategic or financial investor. However, such investors may only be interested in acquiring 100% of an operational company once the company has achieved certain size and scale. In such a situation, it would become difficult for Founders to negotiate a 100% acquisition with a potential buyer, with multiple minority shareholders in the picture. If all minority shareholders are on good terms with the Founder, it would be smooth sailing. But, this is rarely the case, since over the years shares of small investors may have been inherited by persons who were n…

Facebook-Jio deal propels Morgan Stanley to top spot in League Table for Transaction Advisors to M&A deals in H1'20

Morgan Stanley topped the Venture Intelligence League Table for Transaction Advisor to M&A Deals for the half-year ending June 2020. Morgan Stanley advised the USD 5.7 Billion strategic investment by Facebook into Reliance Industries' telecom arm Jio platforms (among other Private Equity investments in the company). Deloitte (USD 1 Billion across 2 deals) and KPMG (USD 918 million across 2 deals) took the second and third spots respectively. EY (USD 845 million across 5 deals) and Arpwood Capital (which advised Nirma Group's USD 770 million take over of Emami Cement) completed the top five.

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.
Among other larger deals in the second quarter of 2020, Avendus and Moelis & Company acted as financial advisors to KKR’s majority stake acquisition i…

Jio deals propel Morgan Stanley to top of League Table for Transaction Advisors to PE deals in H1'20

Morgan Stanley, which advised the recent spate of investments raised by Reliance Industries' telecom platform Jio Platforms (including over $9.8 Billion from Private Equity firms), topped the Venture Intelligence League Table for Transaction Advisor to Private Equity Transactions for the first half of 2020. The PE firms that invested in Jio in H1'20 included KKR, Vista Equity Partners and Saudi Arabia's Public Investment Fund. JP Morgan came in second with $700 million (across 2 qualifying deals) followed by Avendus with $655 million (across 9 deals). KPMG ($568 million) and Rothschild ($490 million) completed the top five in H1’20.

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.
JP Morgan and Rothschild advised Carlyle's $490 million investment in Piramal Group's pharma business. J…

Legal Capsule by Veyrah Law

CONSIDERING LITIGATION IN INDIA |  PART IV – COUNSELS WORK WITH FACTS!
This article is in continuation of the earlier articles that discuss various aspects one must bear in mind while seeking to litigate before courts in India. As outlined in the earlier article, it is imperative for a business to anticipate a dispute well in advance and plan the best approach for it. That said; the facts of a dispute are pivotal to formulate any kind of legal strategy. But, facts are like a double-edged sword, which can swing either way, i.e. it can either make or break your case, depending on whether the facts are favorable or unfavorable. Therefore, a favorable fact pattern supported with relevant documentary evidence can enhance the chances of securing the desired relief from a litigation process. It places the counsels in a position of strength to effectively thwart any attempts by opposing counsel to dilute a case. However, challenges arise where one has weak or unfavorable facts and little or no…

Jio deals help PE investments climb 12% in H1'20 to $18.8 B

Press Release
With Reliance Industries' communications unit Jio Platforms attracting 51% of the investment value, Private Equity-Venture Capital (PE-VC) investments in India rose 12% during the first 6 months of 2020 to $18.8 Billion (across 341 deals), shows data from Venture Intelligence, a research service focused on private company financials, transactions and their valuations. Investments totaling over $9.5 Billion in Jio by a troop of global private equity firms, following social media giant Facebook's $5.7 Billion mid April investment in the company, helped overall PE-VC investments better the $16.8 Billion (across 503 transactions) invested during the same period in 2019. (Note: These figures include Venture Capital investments, but exclude PE investments in Real Estate).  
Jio Platforms' $9.5 Billion Private Equity haul (excluding Facebook’s strategic investment) was led by Middle Eastern and American investors with KKR, Saudi Arabia's Public Investment Fund a…

Legal Capsule by Veyrah Law

CRYPTOCURRENCY EXCHANGES: AN INVESTMENT OPPORTUNITY
Brief History
The advent of cryptocurrency as an asset class was swift and it attained global popularity within a relatively short period of time. While the idea of a digital currency was not new, it really found wings with the publication of the white paper on ‘Bitcoin’ by Satoshi Nakamoto (an alias; the author’s real name remains anonymous till date). The objective was to create a currency which could be issued and tracked without being dependent on a central bank or a company. It would be tracked and recorded by the computers of people using the digital currency on a communally maintained database known as ‘Blockchain’. While Bitcoin may be the more popular of the cryptocurrencies, the space soon started witnessing the launch of multiple cryptocurrencies vying for space. Even though India was a little late to join the crypto party compared to some other developed countries like USA, Singapore etc., cryptocurrencies quickly garnered …

Legal Capsule by Veyrah Law

CONSIDERING LITIGATION IN INDIA |  PART III – ANTICIPATE THE DISPUTE & STRATEGIZE!

This article is a continuation of the earlier articles where we outlined the challenges associated with litigating in India and the considerations that one must bear in mind before getting into a ‘fight’. As recommended in the earlier article, parties to commercial disputes must at all time seek to settle rather than litigate endlessly before courts in India. The desired settlement for each business may differ based on their own perception of the issue. But, the terms of any settlement always depend on the bargaining position of the people involved. One of the first steps to ensure a strong bargaining position in commercial disputes, is to spot the deterioration in relations early. Foreign businesses that operate in developed markets tend to fare better at the anticipation game than domestic Indian businesses. Domestic businesses have traditionally relied on good faith and relationships in doing busin…

Multiples, TrueNorth, Gaja Capital and Tata Capital win Apex'20 Private Equity Awards

Multiples PE, TrueNorth, Gaja Capital and Tata Capital Healthcare Fund were voted the top Private Equity investors in India during 2019. The Venture Intelligence “Awards for Private Equity Excellence” (APEX) is dedicated to celebrating the best that the Indian Private Equity & Venture Capital industry has to offer.  The APEX Awardees are selected based on both Self Nomination by the participating PE-VC firms as well as "crowd sourced" nominations and voting from the Limited Partner, PE-VC and advisory communities. (The main criteria are Exit Track Record, New Fund Raises & Follow-on Funding Rounds for Portfolio Companies).

Vishal Nevatia, Managing Partner, True North, said “We would like to thank Venture Intelligence and all the industry stakeholders for selecting us for this Award.  We are truly humbled and delighted to receive this award.  At True North, we started investing in private equity 2 decades ago.  During this time, we have seen private equity grow from a …

Inventus, Sixth Sense, Blume & Norwest win Apex'20 Venture Capital Awards

Inventus Capital Partners, Sixth Sense Ventures, Blume Ventures and Norwest Venture Partners were voted the top Venture Capital investors in India during 2019. The Venture Intelligence “Awards for Private Equity Excellence” (APEX) is dedicated to celebrating the best that the Indian Private Equity & Venture Capital industry has to offer. Other 2019 winners in the VC segment included Axilor Ventures which was votedthe Accelerator of the Year for the second year running, 3one4 Capital (VC Fund Raise of the Year) and Innoven Capital (Venture Debt firm of the Year).
The APEX Awardees are selected based on both Self Nomination by the participating PE-VC firms as well as "crowd sourced" nominations and voting from the Limited Partner, PE-VC and advisory communities. (The main criteria are Exit Track Record, New Fund Raises & Follow-on Funding Rounds for Portfolio Companies).


"It is an honour to be recognised by entrepreneurs and investors as India's No 1 startup a…

Impact of Culture on M&A: Survey Report

Culturelytics-Venture Intelligence Survey Report
Globally, mergers and acquisitions worth a total of more than $4 trillion take place every year. Studies show that more than 85% of these deals fail to create value, and in more than 30% of these, cultural misalignment is one of the key reasons cited.

COVID-19 will almost certainly trigger a significant wave of consolidations and a big spike in M&A activity, as companies scramble to survive and win in a marketplace characterized by VUCA. These deals are likely to be more cross border control stake transactions. We already see China making big investments in Italy, and Japanese companies turning their attention away from China towards India. Culture has never been more important than now. 
Key Findings: Great team vs Great Idea:                                                                         Nearly 67% of investors want to invest in an excellent team with a workable strategy/idea (would choose to combine an A-Team with a B- Ide…