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In continuation of our goal of keeping you connected to the Indian legal market, Bar & Bench brings you Deal Street Monthly, a monthly compilation of deals involving Indian law firms. The deals have been categorized under three broad heads viz., Mergers & Acquisitions, Capital Markets and Banking & Finance. Ranking by Deal Count Rank 1 1 1 Law Firm J. Sagar Associates Amarchand Mangaldas Khaitan & Co No. of Deals 6 6 6 M&A/PE
In the Mergers & Acquisitions league, Amarchand Mangaldas, J. Sagar Associates and Khaitan & Co top the table with 6 deals each.
Ranking by Deal Value Rank 1 2 3 Law Firm Amarchand Mangaldas Kochhar & Co. AZB & Partners Value Rs. 41,858 crore ($7 billion) Rs. 14,750 crore ($2.4 billion) Rs. 3,638 crore ($600
In terms of Deal Value, Amarchand Mangaldas tops the table with deals valued at a total of Rs. 41,858 crore ($7 billion). Kochhar & Co occupies the 2nd spot followed by AZB & Partners.!
million)
Amarchand Mangaldas was involved in two of the biggest deals in the month of June including the biggest outbound deal with ONGC and Oil India acquiring a 10% stake of Videocon Industries in the Mozambique Region for $2.5 billion also involving Kochhar & Co and Simmons & Simmons. The other deal was Apollo Tyres acquisition of Cooper Tire & Rubber for $2.5 billion. Capital Markets
Ranking by Deal Count Rank 1 2 3 Law Firm Amarchand Mangldas AZB & Partners Khaitan & Co
No. of Deals 5 4 2
In the Capital Markets segment, Amarchand Mangaldas tops the Deal Count with 5 deals with AZB & Partners placed 2nd with 4 deals, followed by Khaitan & Co. at the 3rd spot with 2 deals.
Ranking by Deal Value Rank 1 2 3 Law Firm Amarchand Mangaldas Khaitan & Co Singhania & Partners Deal Value Rs. 11,567 crore ($1.9 billion) Rs. 2,942 crore ($491 million) Rs. 1,900 crore ($317 million) Amarchand also leads the Deal Value table with 5 deals valued at Rs. 11,567 crore ($1.9 billion), while Khaitan & Co is 2nd with deals worth Rs. 2,942 crore ($491 million). Singhania & Partners occupies the third place with a deal value of Rs. 1,900 crore ($317 million).!
2" DEAL"STREET"JUNE"2013""BAR"&"BENCH! ! DE
Ranking by Deal Count Rank 1 2 3 3 Law Firm Khaitan & Co Trilegal Amarchand Mangaldas AZB & Partners
No. of Deals 3 2 1 1
In the Banking & Finance segment, Khaitan & Co. has secured the top spot with 3 deals against its name. Trilegal, with 2 deals, is placed 2nd while Amarchand Mangaldas and AZB & Partners share the 3rd place with 1 deal each.
Ranking by Deal Value Rank 1 2 2 Law Firm Khaitan & Co Trilegal Amarchand Mangaldas Deal Value Rs. 1,721 crore ($ 287 million) Rs. 297 crore ($ 49.5 million) Rs. 297 crore ($ 49.5 million)
Khaitan & Co. has topped the table in terms of Deal Value also with deals worth Rs. 1,721 crore ($ 287 million). Trilegal and Amarchand Mangaldas share the 2nd spot with a Deal Value of Rs. 297 crore ($ 49.5 million).
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S. No.
Deal Amtek Auto acquires majority stake in German company Neumayer Tekfor Group CWT Commodities acquires majority stake in MAIIA Inspection Services StanCharts acquisition of Morgan Stanleys private wealth management business Aditya Birla Chemicals (India) Ltd buys acid business of Solaris Chemtech Industries
Deal Value
Freshfields Bruckhaus Deringer Talwar Thakore & Associates Linklaters Khaitan & Co
Confidential
Confidential
Amarchand Mangaldas
Confidential
Vaish Associates
J. Sagar Associates King Stubb & Kasiva Rs. 359 crore ($62 million)
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S. No. 6
Deal Cartica Capital acquires 5.6 % stake in TTK Prestige in two transactions Multiples Private Equity Fund acquires 50 % stake in Milltec Machinery Apollo Tyres acquires Cooper Tire & Rubber Company SBI Mutual Fund buys Daiwas Indian asset management business Intel Capital invests in Jasper Infotech which runs snapdeal.com TVS ASL forms joint venture with US based Myers Tire Supply Amagi Media Labs raises funds from Mayfield Fund
Law Firm Khaitan & Co S&R Associates J. Sagar Associates Khaitan & Co Dua Associates Amarchand Mangaldas Sullivan & Cromwell LLP Jones Day AZB & Partners Amarchand Mangaldas
10
AZB & Partners HSB & Partners Singhania & Partners Dua Associates Economic Laws Practice
Confidential
11
Confidential
12
S. No.
Deal Zamil Industrial Investment Company buys out its Indian JV Partners stake in Advantec Coils BanyanTree Growth Capital II LLC invests in Atria Brindavan Power Naspers India arm ibiboGroup acquires Pilani Soft Labs (redBus.in) TVS Automobile Solutions Joint Venture with Myers Tire Supply International OIL & ONGC Videsh Ltd acquires Videocon Industries 10 % participating interest in Rovuma Area 1 Offshore Block in Mozambique Warburg Pincus-led investment
Law Firm
Deal Value
13
J. Sagar Associates
Kochhar & Co Juris Corp Amarchand Mangaldas IndusLaw HSB Partners Singhania Partners Confidential Rs. 600 crore ($100 million) Rs. 50 crore ($8.5 million)
14
15
16
Amarchand Mangaldas Kochhar & Co Simmons & Simmons AZB & Partners Rs. 3,637 crore ($600 million) Rs 14,750 crore ($2.475 billion)
17
18
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S. No.
Law Firm Luthra & Luthra Davis Polk Vinson & Elkins SJ Berwin J. Sagar Associates IndusLaw S&R Associates OMelveny & Myer Allen & Overy Desai & Diwanji Amicus
Deal Value
19
GTI Capital Group picks up stake in the National Stock Exchange from IDFC Limited Partners Group acquires a majority stake in CSS Corp. Amtek Auto Limited acquires majority stake in JMT Auto Limited Weber Shandwick acquires Corporate Voice Weber Shandwick by buying out 60% stake from its JV partner MAA Group Holdings Pyramid Wilmar Plantations acquires 35% of the equity of EMSPL from Tata Global Beverages
20
21
22
Khaitan & Co
Confidential
23
Confidential
S. No.
Deal
Law Firm
Deal Value
24
J. Sagar Associates
25
Britvics Group distribution agreement with Narang Group Reliance Infocomm and Infotel sign agreement with Network i2i Limited Reliance Jio Infocomm and Reliance Communications have entered into agreement for sharing tower infrastructure. Eredene sells 7.69% stake in Ocean Sparkle Limited to Infrastructure India Holdings Fund LLC Business transfer of the Recap business of Deloitte Recap LLC to Thomson Reuters (Scientific)
Confidential
26
Khaitan & Co
Confidential
27
Amarchand Mangaldas
28
29
Confidential
8" DEAL"STREET"JUNE"2013""BAR"&"BENCH! ! DE
S. No.
Law Firm Kramer Levin Naftalis & Frankel LLP Vaish Associates Wadia Ghandy
Deal Value
30
Brainworks Learning Systems and its investor Kusumbala sells business to Tree House Education & Accessories
S. No.
Deal Vedanta Resources plc issuance of 6% bonds due 2019 and 7.125% bonds due 2023 McGraw Hill Financial Incs voluntary open offer to acquire up to 22.23 % additional stake in CRISIL Ltd Oracle Financial Services Softwares OFS Buy-back of shares by HT Media Limited
Law Firm Amarchand Mangaldas Latham & Watkins Singhania & Partners
Deal Value
Rs 1,900 crore ($340 million) Khaitan & Co Kochhar & Co. Amarchand Mangaldas Latham & Watkins Amarchand Mangaldas Amarchand Mangaldas Jones Day Khaitan & Co ALMT Legal
5 6
Rs. 1,042 crore ($180 million) Rs. 66.14 crore ($11.5 million)
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S. No. 7 8
Deal Novartis India Limited OFS Essar Shipping & Logistics OFS Sale of 10% shares of Shriram Transport Finance Company held by TPG by way of a block trade
10
S&R Associates Trilegal ARA Law Latham & Watkins AZB & Partners
11
ACB India Ltd filing of DRHP Port of Antwerp International converts global depository shares into equity shares in Essar Group
Confidential
12
S. No.
Law Firm
Deal Value
Khaitan & Co
StanCharts ECB to Khubchandani Hospitals HDFC Loan facility to Palace Solar Energy Axis Bank extends loan facility to Piramal Healthcare Inc.
Amarchand Mangaldas
Khaitan & Co
Khaitan & Co Trilegal SJ Berwin LLP Hunt & Hunt lawyers Eversheds Trilegal Allen & Overy Advokatfirman Cederquist
Axis Bank extends term loan facility to Gujarat NRE Limited Standard Chartered Bank extends credit facility to Grasim Industries
12" DEAL"STREET"JUNE"2013""BAR"&"BENCH!
S. No.
Deal Apollo Tyres Limited avails financial assistance from Standard Chartered Bank and other lenders
Law Firm
Deal Value
Confidential
S.No.
Deal
Law Firms Desai Diwanji Freshfields Bruckhaus Deringer Talwar Thakore & Associates Linklaters Khaitan & Co Khaitan & Co DSK Legal Addleshaw Goddard Khaitan & Co
Deal Value
Amtek Auto acquires majority stake in German company Neumayer Tekfor Group Bank of America ECB to Karnavati Aviation for acquisition of Embraer Legacy 650 Aircraft Britvics Group distribution agreement with Narang Group CWT Commodities acquires majority stake in MAIIA Inspection Services Vedanta Resources plc issuance of 6% bonds due 2019 and 7.125% bonds due 2023 McGraw Hill Financial Incs voluntary open offer to acquire
Confidential
Confidential
Amarchand Mangaldas Rs. 9,500 crore ($1.7 billion) Latham & Watkins Singhania & Partners Rs 1,900 crore ($340 million)
14" DEAL"STREET"JUNE"2013""BAR"&"BENCH!
S.No.
Deal Value
StanCharts acquisition of Morgan Stanleys private wealth management business StanCharts ECB grant to Khubchandani Hospitals Oracle Financial Services Softwares OFS Buy-back of shares by HT Media Limited
Confidential
Amarchand Mangaldas Kochhar & Co. Amarchand Mangaldas Latham & Watkins Amarchand Mangaldas
10
11
Aditya Birla Chemicals (India) Ltd buys acid business of Solaris Chemtech Industries
Vaish Associates
12
J. Sagar Associates King Stubb & Kasiva Rs. 359 crore ($62 million)
S.No.
Deal
Law Firms Amarchand Mangaldas Jones Day Khaitan & Co Khaitan & Co ALMT Legal Khaitan & Co. S&R Associates J. Sagar Associates Khaitan & Co Dua Associates Amarchand Mangaldas
Deal Value
13
Adani Ports IPP HDFC Loan facility to Palace Solar Energy State Bank of Mysore IPP Cartica Capital acquires 5.6% stake in TTK Prestige Multiples Private Equity Fund acquires 50 % stake in Milltec Machinery
14 15
Rs. 130 crore ($21.3 million) Rs. 66.14 crore ($11.5 million)
16
17
18
Apollo Tyres acquires Cooper Tire & Rubber Company Axis Bank Limited, Hong Kong extends loan facility to Piramal Healthcare Inc. SBI Mutual Fund buys Daiwas
19 20
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S.No.
Law Firms Amarchand Mangaldas AZB & Partners AZB & Partners
Deal Value
21 22
Novartis India Limited OFS Intel Capital invests in Jasper Infotech which runs snapdeal.com TVS ASL forms joint venture with US based Myers Tire Supply
23
24
Reliance Jio Infocomm and Reliance Communications have entered into agreement for sharing tower infrastructure.
Amarchand Mangaldas
25 26 27
Essar Shipping & Logistics OFS Amagi Media Labs raises funds from Mayfield Fund BanyanTree Growth Capital II LLC invests in Atria Brindavan Power
Amarchand Mangaldas Dua Associates Economic Laws Practice Kochhar & Co Juris Corp
Confidential Rs. 27.5 crore ($4.5 million) Rs. 50 crore ($8.5 million)
S.No. 28 29
Deal Naspers India arm ibiboGroup acquires Pilani Soft Labs (redBus.in) TVS Automobile Solutions Joint Venture with Myers Tire Supply International OIL along with ONGC Videsh Ltd acquires Videocon Industries 10 % participating interest in Rovuma Area 1 Offshore Block in Mozambique Warburg Pincus investment in Delonex Energy Limited Zamil Industrial Investment Company acquires remaining 70 % from its joint venture partner Advantec Coils IL&FS Investment Managers exits its investment in Bhartiya City
Law Firms Amarchand Mangaldas IndusLaw HSB Partners Singhania Partners Amarchand Mangaldas Kochhar & Co Simmons & Simmons AZB & Partners Luthra & Luthra Davis Polk Vinson & Elkins SJ Berwin J. Sagar Associates
30
31
32
33
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S.No.
Deal GTI Capital Group picks up stake in the National Stock Exchange from IDFC Limited
Law Firms
Deal Value
34
J. Sagar Associates IndusLaw S&R Associates OMelveny & Myer Allen & Overy Desai & Diwanji Amicus
35
Partners Group acquires a majority stake in CSS Corp. Amtek Auto Limited acquires majority stake in JMT Auto Limited Weber Shandwick acquires Corporate Voice Weber Shandwick by buying out 60% stake from its JV partner MAA Group Holdings Axis Bank extends term loan facility to Gujarat NRE Limited Standard Chartered Bank extends credit facility to Grasim Industries Just Dial IPO
36
37
Khaitan & Co Trilegal SJ Berwin LLP Hunt & Hunt lawyers Eversheds Trilegal Allen & Overy Advokatfirman Cederquist S&R Associates Trilegal
Confidential
38
39 40
Rs. 236.9 crore ($39 million) Rs. 950 crore ($156.3 million)
S.No.
Deal
Law Firms ARA Law Latham & Watkins Trilegal J. Sagar Associates Trilegal Berger Legal LLC Kramer Levin Naftalis & Frankel LLP Vaish Associates Wadia Ghandy AZB & Partners
Deal Value
41
Eredene sell 7.69% stake in Ocean Sparkle Limited to Infrastructure India Holdings Fund LLC Business transfer of the Recap business of Deloitte Recap LLC to Thomson Reuters (Scientific) LLC (TR). Brainworks Learning Systems & Kusumbala sells business to Tree House Education & Accessories ACB India Ltd filing of DRHP Port of Antwerp International converts the global depository shares into equity shares in Essar Group Pyramid Wilmar Plantations acquires 35% stake of EMSPL from Tata Global Beverages
42
Confidential
43
44
Confidential
45
46
Confidential
20" DEAL"STREET"JUNE"2013""BAR"&"BENCH!
S.No.
Deal Apollo Tyres Ltd avails financial assistance from Standard Chartered Bank and other lenders Sale of 10 % shares of Shriram Transport Finance Co. held by TPG Reliance Infocomm and Infotel sign agreement with Network i2i Limited
Law Firms
Deal Value
47
Confidential
48
49
Khaitan & Co
Confidential
In case you would like a deal to be covered by Bar & Bench, please send a mail to pallavi@barandbench.com