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AZB & Partners tops League Table for Legal Advisors to M&A deals in 2024

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Khaitan & Co. and Shardul 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 2024. AZB advised 85 deals worth $24.2 Billion. They were followed by Khaitan & Co. ($21 Billion across 72 deals) and Shardul Amarchand Mangaldas (SAM) ($16.9 Billion across 48 deals). Cyril Amarchand Mangaldas (CAM) ($15.5 Billion across 93 deals) along with J Sagar Associates (JSA) ($14.9 Billion across 42 deals) completed the top five.


Among the largest M&A deals during 2024,  AZB, JSA, SAM and Khaitan & Co. advised the $8.5 Billion acquisition of Disney Star by Reliance Industries. Nishith Desai Associates, S&R Associates, Talwar Thakore & Associates (TTA), Trilegal  and Khaitan & Co. advised the $2.5 Billion buyout deal  of  ATC India  by Canadian infrastructure investor Brookfield Asset Management. AZB, CAM, JSA and Trilegal advised the $2.3 Billion acquisition of stake by Aster DM Healthcare in Care Hospitals.
    
Among the largest M&A deals during Q4 2024, AZB, CAM, JSA and Trilegal advised $2.3 Billion worth of acquisition in Care Hospitals by Aster DM healthcare. Herbert Smith Freehills, Shearman & Sterling and Khaitan & Co. advised the $1.5 Billion acquisition of assets by JSW Neo Energy in O2 Power. Trilegal advised the $900 million portfolio sale of Brookfield Assets to Gentari.

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, Kirkland & Ellis came on top having advised 4 deals worth $2.4 Billion. Shearman & Sterling followed the next spot, having advised 3 deals worth $2 Billion. They were followed by Herbert Smith Freehills with 1 deal worth $1.5 Billion.


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

By Deal Volume

CAM took the top spot by M&A deal volume advising 93 deals, followed by Trilegal with 87 deals. AZB (85 deals) and Khaitan & Co. (72 deals) took third and fourth spots respectively. SAM took the fifth spot advising 48 deals.



By Industry

The acquisition of Disney Star by Reliance Jio paved the way for the Media & Entertainment industry to top the industry table ((by value of M&A deals) in 2024. AZB took the top spot here as well by advising deals worth $8.8 Billion, JSA followed it up with $8.6 Billion. Khaitan & Co. and SAM took the third spot advising $8.5 Billion deal each. By deal volume, AZB, CAM and JoyceLaw topped by advising 3 deals each, followed by JSA, DSK Legal and Universal Legal advised 2 each. 

Under the Infrastructure Industry, Trilegal topped the table (by value) with $6.2 Billion, followed by Khaitan & Co. with deals worth $4.8 Billion. CAM took the third spot advising deals worth $3.8 Billion. By deal volume CAM topped by advising 26 deals. Trilegal advised 25 deals taking the second spot. Khaitan & Co. took the third spot advising 11 deals.

Under the Healthcare & LifeScience industry (by value), AZB (14 Deals across  $6.3 billion) topped the table followed by Trilegal advising 11 deals worth $3.7 billion. CAM took the third spot advising 4 deals with $3 billion.

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

To showcase your firms' transactions in the 2025 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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