AZB tops League Table for Legal Advisors to PE deals in 2023

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

AZB & Partners (AZB) topped the Venture Intelligence League Table for Legal Advisor to Private Equity Transactions in 2023 advising 85 deals worth $15.8 Billion. AZB was followed by Shardul Amarchand Mangaldas (SAM) ($15.2 Billion across 115 deals) and Trilegal ($11.4 Billion across 76 deals) in the second and third spots respectively. Cyril Amarchand Mangaldas (CAM) ($9.9 Billion across 91 deals) took the fourth spot and Khaitan & Co. ($8.5 Billion across 97 deals) completed the top five.

Among the larger Private Equity deals during 2023, AZB, Trilegal, J Sagar Associates (JSA), SAM and Milbank advised $2 Billion investment in Manipal Hospitals by Temasek (which gained majority control). AZB, SAM, Gunderson Dettmer and Khaitan & Co. advised Tiger Global and Accel India’s $1.78 Billion exit from Flipkart. Trilegal, Khaitan & Co., SAM and Wadia Ghandy advised Brookfield India Real Estate Investment Trust (BIRET) and GIC in the setting up of a 50:50 joint venture platform to acquire two commercial assets.

Among the larger Private Equity deals in Q4 2023, Cyril Amarchand Mangaldas advised the $852 million Blackstone exit from Embassy Office Parks REIT. Davis Polk & Wardwell, CAM and SAM advised $597 million investment in Reliance Retail Ventures by Abu Dhabi Investment Authority (ADIA). AZB & Partners advised Bain Capital’s exit from Axis Bank.

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 foreign firms, Gunderson Dettmer came on top having advised 4 deals worth $2.1 Billion. Milbank followed the next spot, having advised 1 deal worth $2 billion. They were followed by Simpson Thacher & Bartlett with 4 deals worth $1.3 billion.

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

By Deal Volume

By deal volume, India Juris topped the tables with 199 deals, followed by Peritum Partners with 172 deals. Burgeon Law took the third spot advising 158 deals. IndusLaw (120 deals) and SAM (115) took the fourth and fifth spot.

Among foreign firms, Latham & Watkins and Gunderson Dettmer topped the table with 5 deals each. Followed by Simpson Thacher & Bartlett with 4 deals. White & Case, Davis Polk & Wardwell and Kirkland & Ellis took the third spot advising 3 deals each.

By Industry

SAM ($5.2 Billion) took the top spot in advising IT & ITeS deals (by value) in 2023, followed by Khaitan & Co. ($4.15 Billion) and AZB & Partners ($2.84 Billion). By deal volume in IT & ITeS, IndiaJuris (138 deals) topped the table, followed by Burgeon Law and Peritum Partners advising 112 deals each. IndusLaw took the third spot with 77 deals.

Among Healthcare sector deals, AZB topped the advising deals worth $4.03 Billion, followed by Trilegal with deals worth $3.9 Billion. SAM took the third spot advising deals worth $3.57 billion. By deal volume in Healthcare, SAM topped the table by 14 deals, followed by CAM with 11 deals .AZB took the third spot with 10 deals,

AZB & Partners topped the BFSI industry by value and volume advising 17 deals worth $3.5 Billion. SAM took the second spot advising 13 deals worth $1.4 Billion. Followed by J Sagar Associates (JSA) advising 3 deals worth $1.3 Billion.

Under the Real Estate industry, SAM topped the table in terms of value by advising deals worth $2.1 Billion, followed by Trilegal advising deals worth $2 Billion. Wadia Ghandy and Khaitan & Co. took the third spot advising 1 deal worth $1.4 Billion. By deal volume, SAM (11 deals) took the top spot followed by Trilegal (8 deals) and AZB (6 deals).

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

To showcase your firms' transactions in the 2024 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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