AZB tops League Table for Legal Advisors to Private Equity deals in 9M 2020

In a year thus far dominated by the mega investments in Jio Platforms and Reliance Retail Ventures, AZB & Partners topped the Venture Intelligence League Table for Legal Advisor to Private Equity Transactions (in Indian companies) for the nine months ending September 2020. AZB advised deals worth $14.8 billion (across 53 qualifying deals) during the period. Davis Polk & Wardwell (which advised the multiple Private Equity investments worth $12.4 billion in Jio Platforms and Reliance Retail Ventures) and Shardul Amarchand Mangaldas (SAM) ($10.4 billion across 28 deals) took the second and third spot respectively. Cyril Amarchand Mangaldas (CAM) ($5.1 Billion across 44 deals) and Simpson Thacher & Bartlett ($3.6 Billion across 5 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.

CAM, Davis Polk & Wardwell and SAM advised the recent Private Equity investments in Reliance Retail Ventures ($2.3 billion so far). Foreign law firms Paul Weiss and Latham & Watkins were also part of the Reliance Jio deals advising various investors. AZB advised the $500 million fund raise by Byjus from Owl Ventures, Sands Capital, Tiger Global, General Atlantic, Bond Capital, DST Global, Silver Lake and other investors. AZB and Khaitan advised PAG's (Pacific Alliance Group) 51% stake acquisition in Mumbai-based Edelweiss Wealth Management (EWM).

Among foreign firms, Davis Polk & Wardwell came on top having advised 14 deals worth $12.4 Billion. Simpson Thacher & Bartlett came second with 5 deals worth $3.6 Billion. Kirkland & Ellis came third having advised 2 deals worth $2.1 Billion. Latham & Watkins ($2 billion across 2 deals) and Paul Weiss ($1.4 billion across 2 deals) completed the top five.

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

By Deal Volume

Burgeon Law topped the tables in terms of deal volume having advised 74 deals during the year so far. IndusLaw came second with 66 deals. This was followed by AZB with 53 deals. Samvad Partners (50 deals) and Khaitan (48 deals) took the fourth and fifth spot respectively.

Among foreign firms, Davis Polk & Wardwell again topped the table in terms of deal volume having advised 14 deals during the period followed by Simpson Thacher & Bartlett, Gunderson Dettmer and Goodwin Procter with 5 deals each.

By Industry

Among PE transactions in Infrastructure (by value), AZB ($10.2 billion across 14 deals) stood first followed by Davis Polk & Wardell ($9.9 billion across 11 deals) and SAM ($6.5 billion across 8 deals) in the second and third spot respectively. By deal volume, AZB (14 deals) topped the table followed by Davis Polk & Wardell (11 deals). Burgeon Law and SAM advised 8 deals each taking the third spot.

Under IT & ITeS industry (by value), IndusLaw topped the table having advised deals worth $1.3 billion followed by AZB with $780 million. Algo Legal took the third spot having advised deals worth $666 million. Khaitan ($536 million) and JSA ($445 million) took the fourth and fifth spot respectively. In terms of deal volume, IndusLaw topped the table with 48 deals, followed by Burgeon Law with 46 deals. Samvad Partners (37 deals), Algo Legal (30 deals) and Khaitan (20 deals) took the third, fourth and fifth place respectively.

SAM topped (by value and volume) in Retail having advised 4 deals worth $2.54 billion. This was followed by CAM and Davis Polk & Wardwell with 3 deals worth $2.53 billion each.

Under Financial Services, AZB topped the table by value having advised $1.6 billion across 6 deals, followed by Khaitan with deals worth $478 million across 6 deals. CAM came third having advised $438 million across 6 deals. Fourth and fifth position was held by S&R Associates and IndusLaw.

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

To showcase your firms' transactions in the 2020 League Tables, mail Vanathi at

deals@ventureintelligence.com.

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.

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