Bar & Bench’s Deal Street Quarterly

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Deal Street Quarterly, Q2 of 2014



In continuation of our goal of keeping you connected to the Indian legal market, Bar & Bench brings you Deal Street
Quarterly, a compilation of Mergers & Acquisitions and Private Equity transactions involving Indian law firms. The
deals include M&A/PE transactions that have been reported for the second quarter of 2014.
M&A/PE deals totaled Rs. 48,767 crore ($8.08 billion) in Q2 2014 with 73 deals, a slight increase from Q1 which saw a
total of 71 deals valued at Rs. 41,388 crore ($6.7 billion). The biggest deal in this quarter was Sun Pharma’s acquisition
of Ranbaxy advised by Amarchand Mangaldas, Crawford Bayley, Luthra & Luthra, Shearman & Sterling and Davis
Polk.
Amarchand Mangaldas topped the legal advisor table by value with 13 deals valued at Rs. 35,604 crore ($5.89 billion).
AZB & Partners like last quarter maintains the top position in terms of number of deals.

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Rankings by Deal Count
With 73 reported deals in Q2 2014, AZB & Partners tops the legal advisor table with 16 deals collectively valued at $1.9
billion closely followed by Khaitan & Co with 14 deals valued at $832 million and Amarchand Mangaldas coming third
with 13 deals.
Samvad Partners and IndusLaw have moved up on the table in Q2 and are right behind Amarchand Mangaldas with 9
and 7 deals respectively followed by J. Sagar Associates with 6 deals.
Nishith Desai Associates, Wadia Ghandy and HSA Advocates are ranked 6th, 7th and 8th respectively with 5 deals
each. Going down the order Luthra & Luthra and Trilegal bagged 4 deals each. The other firms to make it to the table
include Desai & Diwanji, DSK Legal and Majmudar & Partners.
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Table 1: Rankings by Deal Count
Rank Law Firm Deal Count Deal Value
1 AZB & Partners 16
Rs. 11,657 crore ($1.93 billion)
2 Khaitan & Co 14
Rs. 5,022 crore ($832 million)

3 Amarchand Mangaldas 13
Rs. 35,604 crore ($5.89 billion)
4 Samvad Partners 9
Rs. 3,071 crore ($509 million)

5 Indus Law 7
Rs. 2,848 crore ($472 million)

6 J. Sagar Associates 6
Rs. 2,012 crore ($333 million)

7 Nishith Desai 5
Rs. 2,340 crore ($ 387 million)

8 Wadia Ghandy 5
Rs. 1,634 crore ($ 270 million)

9 HSA Advocates 5 --------
10 Luthra & Luthra 4
Rs. 24,315 crore ($4.03 billion)
11 Trilegal 4
Rs. 2,744 crore ($ 454 million)

12 Desai & Diwanji 3
Rs. 1,291 crore ($214 million)
13 DSK Legal 3
Rs. 516 crore ($85 million)


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14 Majmudar & Partners 3
Rs. 165 crore ($27.3 million)

Rankings by Deal Value
Amarchand Mangaldas topped the legal advisor table by value with 13 deals valued at Rs. 35,604 crore ($5.89 billion)
beating AZB & Partners, which ranked first in terms of value in the first quarter.
In this quarter both Luthra & Luthra, and Crawford Bayley, advised on the big-ticket transaction (Sun Pharma-
Ranbaxy) and are right behind Amarchand. At the same time, these two firms are ahead of AZB & Partners, which is
ranked fourth with 16 deals collectively valued at Rs. 11,657 crore ($1.93 billion). Luthra advised on 4 deals valued at
Rs. 24,315 crore ($4.03 billion) and Crawford Bayley acted on 2 deals valued at Rs. 24,000 crore ($3.97 billion).
Khaitan & Co makes it to fifth position with 14 deals valued at Rs. 5,022 crore ($832 million) followed by Samvad
Partners with 9 deals valued at Rs. 3,071 crore ($509 million).
IndusLaw ($472 million), Trilegal ($ 454 million), Nishith Desai Associates ($387 million) and J. Sagar Associates ($333
million) are right behind Khaitan & Co.
The other firms to make it to the legal advisor table by value include Wadia Ghandy, Desai & Diwanji, Vaish
Associates and DSK Legal.
Firms that made it to the league table in the first quarter but not in the second quarter include S&R Associates, ELP,
Tatval Legal, ALMT and K Law.
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Table 2: Rankings by Deal Value
Rank Law Firm Deal Value Deal Count
1 Amarchand Mangaldas Rs. 35,604 crore ($5.89 billion)
13
2 Luthra & Luthra Rs. 24,315 crore ($4.03 billion)
4
3 Crawford Bayley Rs. 24,000 crore ($3.97 billion)
2
4 AZB & Partners Rs. 11,657 crore ($1.93 billion)
16
5 Khaitan & Co Rs. 5,022 crore ($832 million)
14
6 Samvad Partners Rs. 3,071 crore ($509 million)
9
7 Indus Law Rs. 2,848 crore ($472 million)
7
8 Trilegal Rs. 2,744 crore ($ 454 million)
4
9 Nishith Desai Rs. 2,340 crore ($ 387 million)
5
10 J. Sagar Associates Rs. 2,012 crore ($333 million)
6
11 Wadia Ghandy Rs. 1,634 crore ($ 270 million)
5
12 Desai & Diwanji Rs. 1,291 crore ($214 million) 3
13 Vaish Associates Rs. 1,150 crore ($190 million)
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14 DSK Legal Rs. 516 crore ($85 million) 3


Table 3: Compilation of all deals in Q2, 2014
S. No. Deal Law Firm Deal Value
1
Vizury Interactive Solutions raises funds
led by Intel Capital
Samvad Partners
Rs. 94 crore ($16 million)
AZB & Partners
2
BookMyShow funding from SAIF
Partners
BMR Legal
Rs.150 crore ($25 million)
Indus Law
3
Japan’s Meiji Holdings Medreich
acquistion
Amarchand Mangaldas
Rs. 1,720 crore ($290 million) Khaitan & Co
Anderson Mori
4
Asian Paints acquisition of Ess Ess
Bathroom Products’ front end
DSK Legal
Undisclosed
Desai & Diwanji
5
Japan Bank for International Cooperation
investment in Takshasila Hospitals
India Law Partners
Rs. 63 crore ($ 10.4 million) J. Sagar Associates
Ashurst
6
TaxiForSure.com fund raising led by
Bessemer Venture Partners
Samvad Partners
Rs. 60 crore ($10 million)
Amarchand Mangaldas
7 Flipkart’s acquisition of Myntra
Nishith Desai Associates
Rs. 1,800 crore ($300 million) Indus Law
Samvad Partners
8
Pepperfry fund raising from Bertelsmann,
Norwest Venture Partners.
Amarchand Mangaldas
Rs. 90 crore ($15 million)
S&R Associates
9
Snapdeal.com fund raising from
BlackRock Financial Management,
Temasek, and Premji Invest & others
Amarchand Mangaldas
Rs. 590 crore ($100 million) AZB & Partners
Indus Law
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Samvad Partners
Trilegal
10
Adani Ports acquisition of Dharma Port
Company
Amarchand Mangaldas
Rs. 5,500 crore ($941 million)
AZB & Partners
11
Yatra.com fund raise IDG Ventures,
Vertex Venture Management
Samvad Partners
Rs. 140 crore ($23 million)
Cooley LLP
12
Coromandel International JV with
Yanmar Co, Mitsui &Co
Amarchand Mangaldas
Undisclosed
BMR Legal
13
Xander Group investment in Kapstone
Constructions
AZB & Partners
Rs. 300 crore ($50 million)
Wadia Ghandy
14
Lighthouse Funds stake purchase in Bikaji
Foods International
Luthra & Luthra
Rs. 90 crore ($15 million)
Majmudar & Partners
15
Piramal Enterprises stake purchase in
Shriram Capital
Amarchand Mangaldas
Rs. 2,014 crore ($334 million)
Trilegal
16
Doha Bank acquisition of HSBC Bank
Oman’s Indian arm
Amarchand Mangaldas
Rs. 350 crore ($58 million) Bharucha & Partners
Norton Rose
17
Temasek stake purchase in Jasper
Infotech
AZB & Partners Rs. 190 crore ($3131 million)
18 EnerNOC, Inc. acquisition of EnTech Khaitan & Co Undisclosed
19
SEB stake purchase Maharaja Whiteline
Industries
Khaitan & Co Undisclosed
20
Ad-Sparx fund raising led by Indian Angel
Network
Samvad Partners
Rs. 3.5 crore
Beacon Law Advisors
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21
Canada Pension Plan Investment Board
share purchase of Kotak Mahindra Bank
AZB & Partners Rs. 2,150 crore ($364 million)
22 Ikya’s acquisition of Hofincons AZB & Partners
Rs. 75-100 crore ($12.4 – 16.6
million)
23 Rx Healthcare Magic acquisition of Ebix
Majmudar & Partners
Rs. 75 crore ($12.5 million)
Sastra Legal
24
Aspada Investment Company stake
purchase in Schedulers Logistics
Tatva Legal Rs. 12 crore ($ 1.9 million)
25
Mayfield Fund investment in Securens
Systems
Economic Laws Practice
Rs. 30 crore ($ 4.9 million)
Samvad Partners
26 E2open acquisition of Serus Corporation Khaitan & Co Rs. 156 crore ($ 26 million)
27
Vasan Healthcare fund raise from GIC,
Sequoia, WestBridge Capital
Amarchand Mangaldas
Rs. 300 crore ($50 million)
Samvad Partners
28
RAAY Global Investments, Arihant Patni
investsment in Tomorrowland Apparels
Nishith Desai Associates Undisclosed
29
NephroCare Health Services find raise
funds from International Finance Corp,
Bessemer Venture
AZB & Partners
Rs. 60 crore ($10 million) P&C Legal
Trilegal
30 KKR investment in Archean Group.
J. Sagar Associates
Rs.135 crore ($22 million)
Luthra & Luthra
31
Milk Mantra Dairy fund raise from
Fidelity Growth Partners Aavishkaar
Amarchand Mangaldas
Rs. 80 crore ($13.08 million)
Universal Legal
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Venture Wadia Ghandy
32
Stahl acquisition of Clariant leather
services business
AZB & Partners Rs. 156 crore ($ 26 million)
33
Vavinel SAS' acquisition of Alia Premedia
Services'
AZB & Partners Undisclosed
34
DOITMEDIA stake purchase in GBN
Media
HSA Advocates Undisclosed
35
Aster DM Healthcare fund raise from
Olympus Capital Asia Holdings, India
Value Fund Advisors
Desai & Diwanji
Rs. 391 crore ($65 million) DSK Legal
Universal Legal
36
A.M. Marketplaces Series B funding ed by
Tiger Global
Indus Law
Rs. 90 crore ($15 million)
Luthra & Luthra
ARA Law
Gunderson
37
Grey Orange Robotics fund raise from
Tiger Global, Blume Ventures
Samvad Partners
Rs. 54 crore ($ 8.9 million)
Gunderson
38
Bluestone fund raise from Kalaari Capital
Accel Partners, Saama Capital
Indus Law
Rs. 61 crore ($10 million)
K Law
39
Meidensha Corporation stake purchase in
Prime Electric
Khaitan & Co Undisclosed
40
Arvind Ltd. stake purchase in Premium
Garments Wholesale Trading
Indus Law
Rs. 100 crore ($16.65 million)
J. Sagar Associates
41
Everstone Capital stake purchase in
Aparajitha Corporate Services
HSB Partners
Rs. 100 crore ($ 16 million)
Wadia Ghandy
42 CDC acquisition of Ratnakar Bank AZB & Partners Rs. 170 crore ($29 million)
43 Jaiprakash Associates stake sale of Bokaro Khaitan & Co Rs. 1,150 crore ($ 191 million)
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cement unit to Dalmia Cement Vaish Associates
44
Sun Pharmaceutical Industries acquisition
of Ranbaxy Laboratories
Amarchand Mangaldas
Rs. 24, 000 crore ($4 billion)
Crawford Bayley
Luthra & Luthra
Shearman & Sterling
Davis Polk
45
IIFL Wealth Management stake purchase
in India Alternatives Investment Advisors
Dua Associates
Undisclosed Naik Naik & Co
Indus Law
46
TVS Automobiles Solutions-Warranty
Group JV
HSB & Partners
Undisclosed
Ince & Co
47 Holcim, Lafarge merger
Amarchand Mangaldas
Undisclosed
AZB & Partners
Cleary Gottleib Steen & Hamilton
Homburger AG
Linklaters
48
Neenah Gessner Gmbh investment in
AIM Filtertech India
Crawford Bayley
Undisclosed Wadia Ghandy
Gibson Dunn & Crutcher LLP
49 Toshiba stake acquisition in UEM India.
India Law Partners
Rs. 125 crore ($20 million) DSK Legal
Ashurst
50
Symphony Teleca India acquisition of
Aditi Technologies
J. Sagar Associates
Rs. 450 – 480 crore ($74.8 – 79.8
million)
Nishith Desai Associates
Orrick, Herrington & Sutcliffe
51
Lodha Group property purchase from
Clariant Chemicals (India)
J. Sagar Associates
Rs. 1,154 crore ($ 191 million)
Wadia Ghandy
52
Hay Group acquisition of Talent Q
International group
Khaitan & Co Undisclosed
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53
Ahuja Group fund raise from Motilal
Oswal Securities
Nishith Desai Associates Rs. 60 crore ($ 9.9 million)
54
Coflexip Stena (Mauritius) Offshore stake
sale in Seamec to HAL Offshore Limited
AZB & partners Rs 246.62 crore ($40 million)
55
Tata Consultancy Services – Mitsubishi
Corporation JV
AZB & Partners
Rs. 901 crore ($150 million)
Mori Hamada
56
Exal Corporation buy-out of Mankind
Pharma Limited’s stake in Casablanca
Industries
Khaitan & Co Rs. 57 crore ($9.5 million)
57
Wolters Kluwer, Inc., acquires remaining
62 per cent in Third Coast Holding
Khaitan & Co Rs. 1,081 crore ($180 million)
58
Hardinge Inc.’s acquisition of Forkardt
Operations
Majmudar & Partners Undisclosed
59
RapidValue fund raise from Helion
Venture Partners
Khaitan & Co Rs. 21 crore ($3.5 million)
60
UST Global’s acquisition of Kanchi
Technologies
Khaitan & Co Undisclosed
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61
Godrej & Boyce Manufacturing Company
acquisition of polyurethane (PU) foam
business from Somany Foam
Khaitan & Co Undisclosed
62
Rexam Beverage Can (India Holdings)
increases stake in Rexam HTW Beverage
Can
Khaitan & Co Rs. 26 crore ($ 5.4 million)
63
Omega TC Holdings and Tata Capital
Financial Services acquisition of Varroc
Engineering
AZB & Partners Rs. 300 crore ($51 million)
64
Berry Plastics Group acquisition of
Rexam’s Healthcare Containers and
Closures (C&C) business
Khaitan & Co Rs. 811 crore ($135 million)
65
Atria Group majority stake purchase in
United Telecom Group’s entity
Kochhar & Co Undisclosed
66
Atria Group acquisition of Blyth Wind
Park
Kochhar & Co Undisclosed
67
Grameen Koota fund raise from
MicroVentures Investments
A&M Associates
Rs. 80 crore ($13.5 million)
J. Sagar Associates
Tatva Legal
Trilegal
68
Jacobs Singapore share purchase of
Consulting Engineering Services
HSA Advocates Undisclosed
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69
Yah Raj Fils assets purchase of Paani
Limited
HSA Advocates Undisclosed
70
RAAS Capital stake purchase in Saral
Homes
HSA Advocates Undisclosed
71
Fidelity Capital stake sale in Laurus
Labsto Warburg Pincus
Amarchand Mangaldas
Rs. 900 crore ($150 million) AZB & Partners
Desai & Diwanji
72 Cognizant acquisition of Itaas
Nishith Desai Associates
Undisclosed
P&A Associates
73
Charter Realty Fund investment in
Xcellent Foods
HSA Advocates Undisclosed