DSPML emerges top deal maker in ’08

NEW DELHI: Bank of America has got an unexpected bonus as a part its global acquisition of Merrill Lynch. Its Indian arm, DSP Merrill Lynch(DSPML) has emerged as the biggest dealmaker in India this year(Jan-Sept) overtaking global competitors such as Goldman Sachs, Citigroup, Morgan Stanley and StanChart who called the shots in Indian deal street in 2007. While Ernst & Young managed the most number of deals, DSPML was far ahead in terms of the size of deals handled.

According to Thomson Reuters, DSPML was involved in 13 deals worth around $ 7.7 billion including blockbuster deals of the year like Idea Cellular���s acquisition of Spice Communications, ONGC Videsh���s deal for Imperial and Walt Disney���s deal with UTV.

DSPML captured a market share of around 18% in the Indian merger & acquisition (M&A) segment. As against this, during 2007 when Goldman Sachs and Morgan Stanley together accounted for half of the total deals in India, DSPML was involved in deals worth $4.2 billion and did not even figure among the top five M&A intermediaries. Last year, it was involved in deals such as the stake sale in National Stock Exchange (NSE), Multi Commodity Exchange (MCX) and Reliance Industries-IPCL merger.

Interestingly, even as industry I-banking fees from M&As slumped 28% this year due to a slowdown in deals activity, DSPML more than doubled its M&A fees. Having handled the top deals this year, the advisory firm also emerged as the top fee earner in the M&A segment. It reported a growth of 111.4% earning $ 25.1-million in the process.

Besides DSPML, the now-bankrupt Lehman Brothers also improved it rankings this year. Lehman Brothers ,which was involved in deals worth $ 4.3 billion this year, is ranked fifth in the list of financial advisors, way ahead of Deutsche Bank, Morgan Stanley, Goldman Sachs and JP Morgan, in terms of value of deals handled. In 2007, the financial advisory firm participated in deals worth $ 639.4-million.