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AZB tops League Table for Legal Advisors to M&A deals in H1’23

Shardul Amarchand Mangaldas and Cyril Amarchand Mangaldas claim the No.2 & No.3 slots

AZB & Partners (AZB) topped the Venture Intelligence League Table for Legal Advisor to M&A Transactions by value during H1 2023. AZB advised 29 M&A deals worth $5.7 Billion. It was followed by Shardul Amarchand Mangaldas (SAM) ($5.4 Billion across 22 deals) and Cyril Amarchand Mangaldas (CAM) ($5.2 Billion across 35 deals) in the second and third spots respectively. Trilegal ($4.6 Billion across 28 deals) took the fourth spot with J Sagar Associates (JSA) ($3.5 Billion across 6 deals) completing the top five.

Among the larger M&A deals during H1 2023, Trilegal, JSA, AZB and Milbank advised the Singapore government-owned Temasek Holdings in acquiring a 41% stake in Manipal Hospitals for $2 Billion.  AZB, Wadia Ghandy, JSA and SAM advised the $1.1 Billion acquisition of HDFC Credila by Baring Asia and ChrysCapitalAnagram Partners, Gornitzky & Co, Freshfields Bruckhaus Deringer, CAM and Trilegal advised the $570 million acquisition of International Gemological Institute by Blackstone.

Among foreign firms, Milbank came on top having advised 1 deal worth $2 Billion. Freshfields Bruckhaus Deringer, Gornitzky & Co. followed the next spot, having advised 1 deal worth $570 million. They were followed by Allen & Overy with 1 deal worth $168 million.

The full league table can be viewed online at

By Deal Volume

Khaitan & Co. took the top spot with 45 deals, followed by CAM with 35 deals. AZB (29 deals) and Trilegal (28 deals) took third and fourth spots respectively. SAM and DSK Legal took the fifth spot advising 22 deals each. 

By Industry

Under the Healthcare & Life Sciences industry,.Trilegal, AZB, JSA and Milbank topped the table by advising the $2 Billion buyout of Manipal Hospitals, followed by Khaitan & Co. (3 deals across $97 million). Saraf and Partners (2 deals across $46 million) and DSK Legal (3 deals across $36 million) took the third and fourth spot respectively. SAM took the fifth position advising 1 deal worth $18.5 million.

AZB topped the table under Infrastructure industry, advising 5 deals worth $1.4 Billion, followed by Trilegal (3 deals worth $847 million) and CAM (1 deal worth $487 million).

Under the Manufacturing industry, CAM topped the table advising 3 deals worth $491 million. Both SAM and Trilegal took the second spot advising 2 deals worth $168 million.
Under the Real Estate industry, Trilegal (3 Deals worth $426 million) topped the table followed by  SAM  and DSK Legal advising 1 deal worth $203 million.

The full league table can be viewed online at

To showcase your firms' transactions in the 2023 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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