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Citi tops League Table for Transaction Advisors to M&A deals in 2022

Arpwood Capital and Axis Capital claim the No.2 & No.3 slots

Citi topped the Venture Intelligence League Table for Transaction Advisor to M&A Deals  during 2022, advising 4 deals worth $44.4 Billion. Arpwood Capital ($41.9 Billion across 3 deals) and Axis Capital ($41.7 Billion across 5 deals) took the second and third spots, respectively. Credit Suisse ($41.6 Billion across 2 deals) and Ambit ($41.3 Billion across 4 deals) completed the top five.

Among the largest M&A deals during 2022, Citi, HSBC, IIFL Investment Banking, Motilal Oswal, Nomura, JP Morgan, Dhruva Tax Consultants, Jefferies & Co., ICICI Securities, Edelweiss Financial Services, Deloitte, Credit Suisse, Axis Capital, Arpwood Capital, Ambit, Goldman Sachs and JM Financial advised the $40 Billion merger of HDFC Limited with HDFC Bank. Allegro Advisors acted as the advisors to the $3.3 Billion acquisition of Viatris’ biosimilars business by Biocon Biologics (a subsidiary of publicly listed Biocon). Citi and KPMG advised $2.2 Billion merger of MindTree Consulting and L&T Infotech.

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.

The full league table can be viewed online at

By Deal Volume

PwC topped the table in terms of deal volume with 19 deals. It was followed by Ernst & Young taking the second spot having advised 17 deals. Avendus took the third spot with 12 deals.

Including Other Advisory Services

Inclusive of its roles in due diligence and related advisory activities, Deloitte topped the tables with deals worth $53.6 Billion. Citi took the second place having advised deals worth $44.4 Billion. Axis Capital stood third with deals worth $43.3 Billion. They were followed by Ernst & Young ($42.7 Billion) and Goldman Sachs ($42.2 Billion) in fourth and fifth spots, respectively.

In terms of deal volume, Ernst & Young stood first with 148 deals. The second spot was held by PwC having advised 128 deals. Deloitte took the third spot with 70 deals. Transaction Square (56 deals) and KPMG (49 deals) took the fourth and fifth spots, respectively.

The full league table can be viewed online at

To showcase your firms' transactions in the 2023 League Tables, contact 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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