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Deal Street Quarterly: Q1 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 first quarter of 2014. M&A/PE deals totaled Rs. 41,388 crore ($6.7 billion) in Q1 2014 with 71 deals. The biggest deal in this quarter was Vodafones $ 1.48 billion repurchase of 11% stake in its Indian arm Vodafone India from Piramal Enterprises advised by S&R Associates and Amarchand Mangaldas. Although S&R and Amarchand advised on the biggest deal of the quarter but AZB & Partners topped the legal advisor table both by value and deal count followed by Amarchand Mangaldas. Rankings by Deal Count With 71 reported deals in Q1 2014, AZB & Partners tops the legal advisor table with 25 deals collectively valued at $2.9 billion followed by Amarchand Mangaldas with 10 deals valued at $2.7 billion though a huge gap in the number of deals but almost closes in terms of value.

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J. Sagar Associates and Khaitan & Co are right behind Amarchand Mangaldas with 9 deals each followed by Luthra & Luthra with 6 deals. Trilegal, ELP and Tatva Legal are ranked 6th, 7th and 8th respectively with 5 deals each. Going down the order S&R Associates and Indus Law bagged 4 deals each. The other firms to make it the table include Nishith Desai, K Law, ALMT Legal, Samvad Partners and HSA Advocates with 3 deals each.

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Table 1: Rankings by Deal Count

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Law Firm AZB & Partners Amarchand Mangaldas J. Sagar Associates Khaitan & Co Luthra & Luthra Trilegal ELP Tatva Legal S&R Associates Indus Law Nishith Desai K Law ALMT Legal Samvad Partners HSA Advocates

Deal Count 25 10 9 9 6 5 5 5 4 4 3 3 3 3 3

Deal Value Rs.17,537 crore ($2.9 billion) Rs.16,362 crore ($2.7 billion) Rs. 4,195 crore ($689 million) Rs. 2,307 crore ($379 million) Rs. 4,692 crore ($771 million) Rs. 4,285 crore ($704 million) Rs. 209 crore ($34 million) Rs. 273 crore ($45 million) Rs. 10,245 crore ($1.7 billion) Rs. 830 crore ($134million) Rs. 1,515 crore ($249 million) Rs. 1,009 crore ($166 million) Rs. 765 crore ($126 million) Rs. 173 crore ($28 million) -----

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Rankings by Deal Value AZB & Partners tops the legal advisor table by value with 25 deals valued at $2.9 billion closely followed by Amarchand Mangaldas with 10 deals valued at $2.7 billion. S&R Associates makes it to third position with 4 deals valued at $1.7 billion followed by Luthra & Luthra with 6 deals valued at $771 million. Despite a number of high profile exits from the firm, it would appear that Luthra & Luthra has managed to do quite well for itself in the first quarter. Trilegal ($704 million), J. Sagar Associates ($689 million) and Vaish Associates ($616 million) are right behind Luthra. The other firms to make it to the legal advisor table by value include Khaitan & Co, Nishith Desai, Crawford Bayley, K Law, Indus Law, ALMT Legal, Wadia Ghandy and Tatva Legal.

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Table 2: Rankings by Deal Value Deal Count 25 10 4 6 5 9 1 9 3 1 3 4 3 1 5

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Law Firm AZB & Partners Amarchand Mangaldas S&R Associates Luthra & Luthra Trilegal J. Sagar Associates Vaish Associates Khaitan & Co Nishith Desai Crawford Bayley K Law Indus Law ALMT Legal Wadia Ghandy Tatva Legal

Deal Value Rs.17,537 crore ($2.9 billion) Rs.16,362 crore ($2.7 billion) Rs. 10,245 crore ($1.7 billion) Rs. 4,692 crore ($771 million) Rs. 4,285 crore ($704 million) Rs. 4,195 crore ($689 million) Rs. 3,820 crore ($616 million) Rs. 2,307 crore ($379 million) Rs.1,515 crore ($249 million) Rs. 1,200 crore ($200 million) Rs. 1,009 crore ($166 million) Rs. 830 crore ($134million) Rs. 765 crore ($126 million) Rs. 573 crore ($95 million) Rs. 273 crore ($45 million)

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Compilation of deals for Q1, 2014

S. No.

Deal Avan Projects acquires majority stake in

Law Firm Advani & Co Vichar Partners HSB Partners

Deal Value

Papa Johns India franchisee Om Pizza and Eats India Aspire Systems acquires Versant Technologies Aspada Investment Company acquires a minority stake in ThinkLink Supply Chain

Confidential

Confidential

Tatva Legal AZB & Partners

Rs. 10 crore ($1.65 million)

Blackstone sells its equity stake in Emcure Pharmaceuticals to Bain Capital Voestalpine Bohler acquires Maruti Weld Ltd

ALMT Legal Simpson Thacher Kirkland & Ellis

Rs. 700 crore ($115 million)

AZB & Partners

Confidential

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CDC Group and FMO acquire stake in Equitas Holdings Bertelsmann India Investments invests in India Property Online Groupe Lactalis SA acquires Tirumala Milk Products

AZB & Partners Trilegal S&R Associates Fox Mandal ELP Amarchand Mangaldas JSA JSA Poovayya & Co Fenwick & West Sand Hill Counsel Amarchand Mangaldas J. Sagar Associates Wadia Ghandy ELP Samvad Partners ALMT Legal

Rs. 150 crore million)

($25

Rs. 74.76 crore ($12 million)

Rs 1,750 crore ($275 million)

Facebook acquires Little Eye Software Labs

Rs. 90 crore ($15 million)

National Stock Exchanges strategic 10 investment arm picks up 45% stake in Computer Age Management Services 11 Milestone Real Estate Fund invests in Domus Greens Investment by IDG Ventures India Fund II LLC, Seedfund 2 International in Heckyl

Rs. 573 crore

($95 million)

Rs. 65 crore ($10.75 million)

12

Rs. 21 crore ($3.5 million)

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Technologies Welspun sells its stake in Leighton Welspun 13 Contractors India to Australian Leighton Group AZB & Partners Rs. 610 crore ($99 million)

Oman India Joint Investment Fund 14 purchases equity shares of National Commodity & Derivatives Exchange Limited from Jaypee Capital Services Desai & Diwanji Foley & Lardner Luthra & Luthra Link Legal Amarchand Mangaldas 17 IFC invests in Flexistuff International ALMT Legal AZB & Partners Rs.43.74 ($7.14 million) Confidential ELP Rs. 49.56 crore ($7.87 million)

15

GVK BIO acquires Aragen Bioscience Inc Uniquest Infra Ventures acquires a majority

Confidential

16

stake in a road SPV of SEW infrastructure and Navayuga

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18

Itochu Textile Materials (Asia) makes a strategic exit from Patspin India Limited. Mont Blanc Titan JV Investment by Ascent and IDGVI into

HSA Advocates ELP AZB & Partners Samvad Partners BMR Legal J. Sagar Associates AZB & Partners AZB & Partners

Confidential

19

Confidential

20

Newgen by way of purchase of shares from HAV 2 (Mauritius) Gores group acquisition of the Harris Broadcast Communications Tata Toyo Radiator and Air International Thermal Systems JV Strategic financial investors led by Capital

Rs. 97 crore million)

($15.5

21

Confidential

22

AZB & Partners Luthra & Luthra Shearman & Sterling Luthra & Luthra Davis Polk Bryan Cave

Confidential

23

Square Partners acquire Aditya Birla Minacs Worldwide BPO DLF sells its luxury hospitality chain Aman

Rs. 1,600 crore million) Rs. 2,200 crore million)

($260

24

Resorts back to the companys founder Adrian Zecha

($358

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25

iProf Learning Solutions raises funds from consortium of investors, led by Hobsons Madison India Capital Management LLC acquires stake in iYogi Limited Thomas Cook India buys Sterling Holiday Greenko acquires Lanco's 70 MW hydel plant in Himachal Pradesh WestBridge Crossover Fund and Jwalamukhi

Samvad Partners Amarchand Mangaldas Amarchand Mangaldas AZB & Partners J. Sagar Associates Luthra & Luthra

Rs. 55 crore

($9 million)

26

Confidential

27

Rs. 870 crore ($144 million)

28

Rs. 650 crore ($108 million)

29

Investment Holdings acquire 24.90 per cent stake in DFM Foods Limited SAMHI Hotels acquires the business and

AZB & Partners

Rs. 64.4 crore million)

($10.2

Tatva Legal K Law HSA Advocates Universal Legal Amarchand Mangaldas Confidential Rs. 664 crore ($110 million) Rs. 179 crore ($29.7 million)

30

assets of five star hotel in Hyderabad from Royal Orchid Hotels Rockman Industries, a part of Hero Group,

31 32

acquires majority stake in Sargam Diecastings Endurance International Group acquires 100

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per cent stake of the webhosting and domain name registration business of Directi Group Wilmar acquires a strategic stake in Shree Renuka Sugars

Wilmer Cutler Pickering Hale and Dorr LLP Nishith Desai Crawford Bayley AZB & Partners Khaitan & Co Rs. 1,200 crore million) ($ 200

33

34

Fairbridge Capital (Mauritius) acquires shares of Thomas Cook India MakeMyTrip acquires Easytobook.com

AZB & Partners S&R Associates DLA Piper

Rs. 543 crore ($90 million)

35

Rs. 30 crore ($ 5 million)

36

Oasis Capital (Mauritius) acquires 29.41 per cent of Modern Family Doctor

AZB & Partners

Rs. 24 crore ($4 million)

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ASK Pravi PE Opportunities Fund acquires 37 minority interest in Indian Clothing league Private Limited Tatva Legal Rs. 50 crore ($8.3 million)

38

PUK acquires majority stake of Profab Engineers, India from its existing promoters.

Khaitan & Co

Confidential

39

Carlyle Group sells its majority stake in Cyberoam Technologies to Sophos Ltd Leighton International acquires 40 per cent

Khaitan & Co J. Sagar Associates DLA Piper Khaitan & Co

Rs. 500 crore million)

($80

40

stake of LWIN owned by Welspun Infra Projects Sale of 100 per cent stake of Samtel

Rs. 597 crore ($99 million)

41

Engineering to Global Economic Advantage and Laans Portfolios

HSA Advocates

Confidential

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Computer Sciences Corp. (CSC) and HCL 42 Technologies enter into an alliance to modernize the applications of enterprise clients iCounsel J. Sagar Associates DLA Piper J. Sagar Associates Nishith Desai Trilegal J. Sagar Associates 45 Ebay Singapore invests in Jasper Infotech IndusLaw K Law Bingham McCutchen 46 47 Hitachi, acquires 76 per cent stake in Micro Clinic India TAQA led consortium acquires Jaiprakash Khaitan & Co Morrison & Foerster LLP Amarchand Mangaldas Trilegal Rs. 3,820 crore ($616 million) Confidential Rs. 830 crore million) ($134 Rs. 315 crore million) ($50 Confidential Trilegal Confidential

43

TV Rheinland acquires the business and assets of Kochi-based NIFE Goldman Sachs along with Mitsui Global

44

Investment and others invest in Global Beverages & Foods

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Power Ventures' two hydro-electric power plants 48 DDB Mudra acquires 22feet Powerhouse Ventures acquires stake in Sports365 Bharti Airtel acquires the telecom business of Loop Mobile Vinculum Solutions raises funds from 51 IvyCap Ventures and existing investor Accel India Ventures. 52 Hitachi Metals acquires majority stake in two Vikas group entities Proprium Capital Partners invests in Parsvnath Developers Jones Lang LaSalle Indias PE investment arm invests in Assetz Property Group

Vaish Associates AZB & Partners MMB Legal AZB & Partners GNARUS Partners Confidential

49

Confidential Rs. 700 crore million) ($113

50

AZB & Partners Indus Law K Law Trilegal Mori Hamada AZB & Partners AZB & Partners AZB & Partners Tatva Legal

Confidential

Confidential

53

Rs. 210 crore million) Rs. 24 crore

($33.9

54

($4 million)

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55 56

Foliage acquires Vignani Technologies CLARCOR Inc acquires advanced filtration line of business from NV Bekaert SA. Global acquisition of the entities of the

Khaitan & Co Luthra & Luthra Baker & McKenzie

Confidential Confidential

57

Mergermarket Group by BC Partners from Pearson Plc

AZB & Partners

Confidential

58

Samena Capital Group acquires stake in Mahindra Two Wheeler India Value Fund acquires Financial

Khaitan & Co

Confidential

59

Technologies-owned National Bulk Handling Corporation Chettinad Cement Corporation acquires

Luthra & Luthra

Rs. 241.74 crore ($39.9 million)

60

shares of Anjani Portland Cement Limited from its promoters Alivira Animal Health, a 100 per cent

DSK Legal

Confidential

DSK Legal Indus Law Confidential

61

subsidiary of Sequent Scientific acquires a non-operational facility being developed by

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Shasun Pharmaceuticals 62 General Atlantic Singapore Fund acquires stake in Citius IT Solutions FW Sports Investment Fund invests in Technology Frontiers GlaxoSmithKline Pte Ltd acquires shares of subsidiary GlaxoSmithKline Plc Global acquisition of the aftermarket 65 services business of Jabil Circuit, Inc. by iQor Holdings, Inc. 66 Amit, Arihant Patni invest in Waterfield Advisors Aspada Investment Company acquires a 67 minority interest in Neogrowth Credit Private Limited AZB & Partners J. Sagar Associates Amarchand Mangaldas Lincoln International AZB & Partners Amarchand Mangaldas Kirkland & Ellis LLP Indus Law Nishith Desai & Associates Tatva Legal Khaitan & Co Rs. 10 crore ($1.6 million) Rs. 4,376 crore ($725 million) Rs. 6,390 crore billion) ($1 Confidential Confidential

63

64

Confidential

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Natronix Semiconductor Technology 68 acquires stake in Southern Petrochemicals SPEL Semiconductor ELP Rs. 19.6 crore ($3.1 million)

69

Tesco Overseas Investment Limited acquires 50 per cent shares of Trent Hypermarket Vodafone Group buys out minority partners

AZB & Partners S&R Associates AZB & Partners Amarchand Mangaldas Khaitan & Co

Rs. 850 crore ($140 million)

70

Analjit Singh and Piramal Enterprises in its India unit

Rs. 1,241 crore ($200 million) Rs. 8,900 crore ($1.48 billion)

71

MasterCard International Inc acquires CSam Inc. and its subsidiaries

Confidential

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