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AZB & Partners tops League Table for Legal Advisors to M&A deals in first 9 months of 2021


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

AZB & Partners topped the Venture Intelligence League Table for Legal Advisor to M&A Transactions during the first nine months of 2021. AZB advised 55 qualifying M&A deals worth $25 Billion. AZB was followed by Cyril Amarchand Mangaldas (CAM) ($20.8 Billion across 50 deals) and Trilegal ($16.3 Billion across 18 deals) in the second and third spots respectively. Shardul Amarchand Mangaldas (SAM) ($14.7 Billion across 26 deals) and Khaitan & Co. ($10.8 Billion across 67 deals) completed the top five.




Among the largest deals in Q3 2021, AZB, SAM, and Trilegal advised the $4.7 Billion acquisition of digital payments provider Billdesk by PayU. SAM advised Carlyle Group’s $3 Billion acquisition of IT services firm Hexaware Technologies. AZB and CAM advised Sumitomo Mitsui’s $2.6 Billion acquisition of Mumbai-based diversified NBFC Fullerton India.




Among foreign firms, Kirkland & Ellis emerged on top advising 2 deals worth $1.2 Billion. It was followed by Wilson Sonsini Goodrich & Rosati with 2 deals worth $900 million. Baker McKenzie came in third having advising 1 deal worth $700 million.

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

By Deal Volume

Khaitan & Co. topped the tables in terms of deal volume having advised 67 deals. AZB took the second spot with 55 deals, followed by CAM with 50 deals. IndusLaw (36 deals) and SAM (26 deals) took the fourth and fifth spots respectively.




By Industry

Under the IT & ITeS industry, AZB topped the table advising M&A deals worth $9.7 Billion. AZB  was followed by SAM with $9.5 Billion. Trilegal took the third spot having advised deals worth $6 Billion. CAM ($3.7 Billion) and Khaitan & Co. ($2.4 Billion) completed the top five. By deal volume, IndusLaw topped the table with 24 deals. They were followed by Khaitan and AZB with 16 and 15 deals respectively. CAM and J Sagar Associates took the fourth spot with 9 deals each.

AZB topped the table under BFSI deals (by both value and volume), advising 7 M&A deals worth $9.7 Billion, followed by CAM with 5 deals worth $7.9 Billion. Trilegal took the third spot with 4 deals worth $7.5 Billion. Khaitan & Co. took the fourth spot having advised 5 deals worth $574 million.

CAM topped the table (by value) in the Infrastructure sector having advised M&A deals worth $7.6 Billion. Khaitan & Co. came second with deals worth $4.4 Billion, followed by AZB with deals worth $2.6 Billion. Khaitan & Co.  topped the table by volume with 19 deals. It was followed by AZB and CAM with 17 and 16 deals, respectively.

Under Healthcare deals (by value), SAM ($1.7 Billion) topped the table followed by AZB with deals worth $1.1 Billion. Trilegal ($892 million) and Veritas Legal ($840 million) took the third and fourth spots. Veritas Legal topped the table in terms of deal volume with 5 deals. They were followed by AZB, J Sagar Associates, CAM, and Khaitan & Co. with 4 deals each.

Under Education, SAM topped the table (by value and volume) with 5 deals worth $1.9 Billion. SAM was followed by Khaitan & Co. (3 deals worth $1.3 Billion) and Trilegal (1 deal worth $1 Billion) in the second and third spots, respectively.

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

About Venture Intelligence

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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