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January 31, 2018

Morgan Stanley tops Transaction Advisor League Tables for M&A Deals in 2017

Kotak, Axis Capital take no.2 and no.3 slots; EY tops inclusive of due diligence services



Morgan Stanley topped the Venture Intelligence League Tables for Transaction Advisor to M&A deals for 2017 advising M&A deals worth $17.7 billion (across five qualifying deals) followed by Kotak ($14.1 billion across nine deals) and Axis Capital ($12.9 billion across six deals).

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Transaction and Legal Advisory firms.
In 2017, the Telecom industry driven by the consolidation, was the biggest source of mega sized M&A transactions. Financial advisors to the biggest M&A deal in 2017 - the Idea Cellular - Vodafone merger - were Kotak, Morgan Stanley, Rothschild, UBS, Axis Capital, Robey Warshaw, Bank of America Merrill Lynch, Deloitte and Ernst & Young. Kotak also advised American Tower Corporation’s acquisition of Idea Cellular and Vodafone tower businesses. Advisors to the Reliance Jio - Reliance Communication deal included Citi, SBI Caps, Goldman Sachs, JM Financial and Ernst & Young.
Morgan Stanley advised M&A deals also included the Bharat Financial Inclusion - IndusInd Bank merger and the Altran Technologies acquisition of Aricent. Axis Capital also advised the Capital Square Partners buyout of Aegis BPO and Axis Bank acquisition of Freecharge. UBS occupied the fourth spot and Robey Warshaw and Bank of America Merrill Lynch occupied the fifth spot respectively.
Inclusive of its roles in due diligence and related advisory activities, Ernst & Young topped the League Table advising 39 M&A deals worth $23.3 billion in 2017. Morgan Stanley occupied second place followed by Deloitte with $16.7 Billion. Kotak and Axis Capital completed the top 5 places.

By Deal Volume
Ernst & Young topped the tables by deal volume advising 16 deals worth $8 Billion, followed by PwC with 14 deals and KPMG at third place with 10 deals. Kotak and Singhi Advisors came in at fourth place with 9 deals each. Deloitte and Avendus finished off the top five with 7 deals.
By Industry

In IT & ITeS, the toppers were the advisors to the $2 Billion Altran Technologies - Aricent deal - Morgan Stanley, Goldman Sachs, Credit Agricole and JP Morgan. Avendus occupied the second spot with $562 million across 5 deals, followed by Axis Capital. By deal volume within IT, Technology Holdings along with Avendus occupied the top spot with 5 deals. Signal Hill Capital came in second with 4 deals worth $141 million. PwC and Kotak came third with 3 deals each.

In Financial Services, Morgan Stanley topped with $2.7 Billion, followed by other advisors to the Bharat Financial Inclusion - IndusInd Bank deal: Credit Suisse, Arpwood Capital and Ernst & Young.

In Healthcare & Lifesciences, Trans Continental Capital topped advising Torrent Pharma’s acquisition of the domestic business of Unichem Laboratories. Leerink Partners came second advising the Cadila Healthcare acquisition of Sentynl Therapeutics. Jefferies & Co. came third advising Aurobindo Pharma’s acquisition of Generis Farmaceutica.


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

Images for Top Rankings




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.

January 30, 2018

AZB & Partners tops Legal Advisor League Table for PE deals in 2017

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

AZB & Partners topped the Venture Intelligence League Table for Legal Advisor to Private Equity Transactions in 2017. AZB advised PE deals worth $16 Billion (across 91 qualifying deals) during the period. Shardul Amarchand Mangaldas ($7.7 Billion across 44 deals) and Cyril Amarchand Mangaldas ($6.3 Billion across 61 deals) followed next. Khaitan & Co. ($5 Billion across 43 deals) and Trilegal ($4.3 Billion across 28 deals) completed the top five in 2017.
The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Transaction and Legal Advisory firms.
AZB advised deals include SoftBank’s $3.9 Billion investment in Flipkart and Paytm. Transactions advised by SAM included the $1.4 Billion investment in Paytm by SoftBank and the $1.4 Billion investment by GIC in DLF Cyber City. Transactions advised by CAM included the $1.4 Billion investment in Flipkart by Tencent, Microsoft and eBay and $500 million investment by Canadian Pension Plan Investment Board (CPPIB) in Indospace Core logistics platform.
AZB topped the tables in terms of deal volume as well with CAM coming in second. SAM and Khaitan & Co. followed next. With 31 deals, Indus Law completed the top 5. Two  young firms - Vertices Partners and Spice Route Legal - have registered spots in the top 10.

Among foreign firms, Gunderson Dettmer advised 4 deals worth $2.9 Billion, Kirkland & Ellis advised Bain Capital’s $1 Billion investment in Axis Bank, and Shearman & Sterling advised 3 deals worth $375 million.

By Industry

Among PE transactions in IT & ITeS (by value), AZB, Khaitan & Co. and SAM formed the top three with CAM and Trilegal accounting for the fourth and fifth slots respectively. By deal volume, SAM and IndusLaw were tied at first place with 20 deals each. CAM and AZB occupied the third and fourth place followed by K Law with 15 deals.

In Financial Services, the toppers remained the same as in the composite table - AZB, SAM and CAM. By deal volume, after AZB, CAM and Khaitan & Co., Vertices Partners came in at fourth spot with 8 deals worth $78 million, followed by Trilegal.

AZB topped in Infrastructure deals with $2.2 Billion, followed by SAM and Trilegal. CAM came in fourth followed by S&R Associates in fifth place.

AZB also topped in Healthcare & Lifesciences, followed by J Sagar Associates in second place, DSK Legal and IndusLaw in third place. Nishith Desai and ALMT Legal came next advising deals worth $200 million each. By deal volume, along with AZB and IndusLaw, ARA Law topped advising 5 deals each. JSA, Trilegal, CAM and DSK Legal came in next with 4 deals each.

In Food & Beverages, Khaitan & Co. topped advising 5 deals worth $64 million, followed by DSK Legal and Jerome Merchant + Partners with $31 million each. By deal volume, Lexygen came in second place with 4 deals.

In Education, Vertices Partners topped advising 2 deals worth $114 million, followed by Trilegal and Jerome Merchant + Partners with $97 million each. ALMT Legal came in third place with $52 million.

In Real Estate, AZB topped with $2.8 Billion, followed by SAM with $1.8 Billion. Wadia Ghandy came in third advising the DLF Cyber City - GIC deal worth $1.4 Billion.

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

To showcase your firms' transactions in the League Tables, mail Varatha at research@ventureintelligence.com

Images for Top 15 Rankings




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.

PE/VC Backed IPO: Newgen Software

The IPO of PE-backed Newgen Software was over-subscribed 8 times with all PE-VC investors making a complete exit in the company. The IPO was a 78% offer for sale by existing shareholders. With data from Venture Intelligence PE/VC Database and Company Financials Database we look at Newgen Software's journey and how it's investor fared in the IPO.


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.

January 29, 2018

Citi Tops League Table for Financial Advisor to Private Equity Transactions in 2017

PwC and Unitus Capital top by deal volume; PwC tops table inclusive of due diligence & other services

The investment banking unit of Citi claimed the top position in the Venture Intelligence League Table for Transaction Advisor to Private Equity deals in 2017 advising deals worth $3 Billion. Citi acted as the financial advisor to Flipkart in the reported $2.5 Billion investment by Softbank Vision Fund. Goldman Sachs (which advised the same deal) and PwC (which advised the $500 million investment by CPPIB in Indospace Core) accounted for the second and third spots respectively. 

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Transaction and Legal Advisory firms.

Ernst & Young (which advised the $1.4 Billion DLF Cyber City - GIC deal) and Axis Capital (which advised the $1 Billion investment by Bain Capital in Axis Bank) completed the Top 5 list by value.

PwC (21 deals) and Unitus Capital (15 deals) topped in terms of volume of PE deals advised, while Avendus claimed the third spot advising 13 deals worth $695 million. Veda Corporate Advisors and Creedcap Asia came in at fourth position advising 8 deals each. Ernst & Young and IndigoEdge came at fifth advising 7 deals each.

Inclusive of its roles in due diligence and related advisory activities, PwC advised deals with a value tag of $15.8 Billion (across a total of 117 deals) during 2017. EY advised deals during the period included the investments by Softbank in Flipkart and Paytm and the investment by Bain Capital in Axis Bank. By deal count, Ernst & Young came in second advising 29 deals worth $4.1 Billion.

Among Impact / Social Venture investments, Unitus Capital topped followed by Intellecap which advised 5 deals worth $56 million.

By Industry


In IT & ITeS, the top advisors by value remained the same as the toppers in the composite table. By deal volume, Creedcap Asia came first advising 7 deals followed by Avendus (6 deals) and Unitus Capital (5 deals).

In the Infrastructure* sector, Macquarie Capital Advisors topped, advising the $400 million investment by CDPQ in LOGOS India platform. PwC came in second (with $384 million) followed by Avendus. (*Energy, Engineering & Construction, Shipping & Logistics and Telecom)

In Financial Services, JP Morgan topped the table, advising the Axis Bank - Bain Capital deal and the India Value Fund led buyout of Religare Health Insurance, followed by Axis Capital and PwC. By deal volume, Unitus Capital topped with 6 deals followed by Spark Capital Advisors and Intellecap with 4 deals each.

In Healthcare & Lifesciences, Allegro Advisors came first advising deals worth $245 million, followed by PwC ($206 million across 3 deals) and Moelis & Company ($106 million). Veda Corporate Advisors topped the volume chart with 4 deals followed by PwC, Avendus and Allegro Advisors with 3 deals each.

In Real Estate, Ernst & Young topped advising the DLF Cybercity - GIC deal, followed by Standard Chartered Bank with $460 million (across 2 deals) and Deloitte with $250 million. PwC and Sprout Capital came in first by deal volume, advising 3 deals each.



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.