AZB & Partners tops League Table for Legal Advisors to Private Equity deals for first 9 months of 2021

CAM and SAM claim the No.2 & No.3 slots

AZB & Partners (AZB) topped the Venture Intelligence League Table for Legal Advisor to Private Equity Transactions in the first nine months of 2021. AZB & Partners advised PE deals worth $25.6 Billion (across 120 qualifying deals) during the period. Cyril Amarchand Mangaldas (CAM) ($19.9 Billion across 100 deals) and Shardul Amarchand Mangaldas (SAM) ($15.3 Billion across 40 deals) took the second and third spots. Trilegal ($14.2 Billion across 35 deals) and Khaitan & Co. ($10.7 Billion across 78 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.

Among the largest deals in the latest quarter, CAM and SAM advised Walmart-owned Flipkart’s $3.6 Billion funding round led by GIC, CPPIB, and SoftBank. SAM advised Carlyle Group’s $3 Billion acquisition of IT services firm Hexaware Technologies (via purchase of shares held by Baring Private Equity Asia). AZB, SAM, and Trilegal acted as advisors to the complete exit by PE-VC investors in Billdesk (via the digital payments provider’s acquisition by Prosus-Ventures-backed PayU).

Among foreign firms, Kirkland & Ellis advised 3 deals worth $1.2 Billion. Skadden Arps Slate Meagher & Flom took the second spot having advised 2 deals worth $1.1 Billion. Gunderson Dettmer came third having advised 8 deals worth $1.1 Billion. Cooley LLP (3 deals worth $972 million) and Wilson Sonsini Goodrich & Rosati (1 deal worth $900 million) completed the top five.

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

By Deal Volume

IndusLaw topped the tables in terms of deal volume advising 146 deals during the first nine months of the year. AZB took the second spot with 120 deals. This was followed by Burgeon Law with 119 deals. CAM with 100 deals and Khaitan & Co. with 78 deals completed the top five.

Among foreign firms, Gunderson Dettmer topped the table in terms of deal volume advising 8 deals. Goodwin Procter took the second spot with 5 deals. Cooley LLP, Kirkland & Ellis, and Latham & Watkins took the third spot with 3 deals each.

By Industry

Among PE transactions in the IT & ITeS industry (by value), SAM ($12.2 Billion) stood first followed by AZB ($11.3 Billion). CAM ($9.9 Billion) and IndusLaw ($5.6 Billion) took the third and fourth spots respectively. Khaitan & Co. ($5.58 Billion) completed the top five. By deal volume, IndusLaw (113 deals) topped the table followed by Burgeon Law (88 deals) and CAM (61 deals).

Among BFSI deals (by value), CAM topped the table advising deals worth $6.4 Billion, followed by Trilegal with deals worth $6.2 Billion. AZB took the third spot advising deals worth $6.1 Billion. S&R Associates ($557 million) and Khaitan & Co. ($448 million) took the fourth and fifth spots respectively. In terms of deal volume, AZB topped the table with 11 deals, followed by CAM with 8 deals. Khaitan & Co. and Antares Legal came third with 4 deals each.

Under the Energy industry, AZB topped the table (by both value and volume) having advised 6 deals worth $1.6 Billion, followed by CAM with 5 deals worth $1.1 Billion. Khaitan & Co. came third with 3 deals worth $1 Billion, followed by Trilegal with 3 deals worth $690 million.

Khaitan & Co. topped the Education industry deals (by value) advising PE deals worth $1.09 Billion, followed by Trilegal with deals worth $1 Billion. IndusLaw took the third spot with deals worth $906 million. In terms of deal volume, SAM topped the table advising 7 PE deals, followed by Samvad Partners with 5 deals.

Under Healthcare, Trilegal topped the table (by value) advising deals worth $888 million, followed by CAM ($615 million) and Khaitan ($450 million) in the second and third spots. In terms of deal volume, IndusLaw took the top spot with 8 deals, followed by CAM and DSK Legal with 6 deals each.

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

To showcase your firms' transactions in the 2021 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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