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Shardul Amarchand Mangaldas tops League Table for Legal Advisors to M&A deals in 2023

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

Shardul Amarchand Mangaldas (SAM) topped the Venture Intelligence League Table for Legal Advisor to M&A Transactions by value during 2023. SAM advised 54 M&A deals worth $12.3 Billion, followed by Cyril Amarchand Mangaldas (CAM) with $12.27 Billion across 81 deals and AZB & Partners ($10.9 Billion across 63 deals). Trilegal ($9.3 Billion across 63 deals) took the fourth spot with Khaitan & Co. ($6.6 Billion across 97 deals) completing the top five


Among the largest M&A deals during 2023, Trilegal, JSA, AZB, SAM and Milbank advised the $2 Billion investment in Manipal Hospitals by Temasek (which gained majority control). Saraf Partners advised the $1.2 Billion divestment of Viatris’ India twin business to Insud Pharma and IQuest Enterprise. AZB, Wadia Ghandy, J Sagar Associates (JSA) and SAM advised the $1.1 Billion buyout of HDFC Credila by consortium of private equity firms, including BPEA EQT and ChrysCapital.
    
Of the larger deals in Q4 2023, CAM advised Hinduja Group’s resolution plan for Reliance Capital. AZB and Anagram Partners advised the merger of Fincare and AU Small Finance Bank. CAM and AZB advised Zurich Insurance’s 51% stake acquisition of Kotak Mahindra General Insurance Company.

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, Milbank topped by adivisng the $2 Billion Temasek-Manipal Hospitals deal, followed by Shearman & Sterling which adviseed 3 deals worth $1.23 Billion. They were followed by Freshfields Bruckhaus Deringer with 3 deals worth $920 million.


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

By Deal Volume

By M&A deal volume, Khaitan & Co. took the top spot adivsing 97 deals in 2023, followed by CAM with 81 deals. AZB and Trilegal took third spot advising 63 deals each. SAM (54 deals) and DSK Legal (34 deals) took the fourth and fifth spot.



By Industry

Trilegal took the top spot in advising Healthcare & Life Sciences industry M&A transactions during 2023, advising deals worth $4.86 Billion. SAM followed with deals worth $4 Billion. AZB took the third spot advising deals worth $3.27 Billion. By deal volume Khaitan took the top spot, advising 18 Healthcare M&A deals. SAM and AZB took the second spot advising 10 deals each. Trilegal and CAM took the third spot advising 8 deals each.

Under IT& ITes industry, SAM topped the table by value with $1.6 Billion, followed by Khaitan & Co. with deals worth $1.25 Billion. CAM took the third spot advising deals worth $1.04 Billion. By M&A deal volume in IT & ITeS, Khiatan topped advising 20 deals. Trilegal and CAM were at the second spot advising 13 deals each . SAM and AZB took the third spot advising 11 tech M&A deals each.

Under the Real Estate industry (by value and volume ), Trilegal (5 Deals across  $486 million) topped the table followed by DSK Legal (which advised 5 deals worth $439 million). CAM took the third spot advising 3 deals worth $261 million.

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, contact Vanathi at
deals@ventureintelligence.com.

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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