General guidelines 

TMT Finance’s M&A League Tables cover transactions in the Digital Infrastructure Sector. The subsectors included are listed below and are subject to review 

Telecom

  • MNOs, MVNOs and Fixed Line
  • Satellite, LEOs, Ground Stations & Transports
  • Telecom Equipment & Technology Vendors
  • IoT & M2M Communications
  • Enterprise Telecoms & Carrier Services

Towers

  • Macro Cell Towers
  • Small Cell, DAS, Rooftops & In-Building
  • Broadcast Towers
  • Ground Lease Aggregators
  • Towers Operations and Maintenance Services

Fibre

  • FTTx, Metro and Urban
  • Long Haul & Submarine Networks
  • Enterprise & Open-Access Fibre
  • Rural & Government-Supported Fibre
  • Fibre Network Services & Maintenance

Datacentres

  • Colocation
  • Hyperscale, AI and HPC
  • Edge, Distributed Infra & Carrier Hotels
  • Energy & Power Infrastructure
  • Datacentre Maintenance & Technical Services

Cloud

  • Cloud Infra, IaaS, Bare Metal & IT Infra Services
  • Hybrid & Multi-Cloud Solutions, SD-Networks
  • Cloud Security & Compliance, DRaaS
  • Edge & Distributed Cloud
  • Managed Services, UCaaS & VoIP

Following transactions are eligible for TMT Finance’s league tables:

  • Deals where the target asset is in the Digital Infrastructure sector
  • M&A and Joint venture transactions where both the parties target and the bidder reach a definitive agreement.
  • Deals with the size of USD 50m or more.
  • Deals announced within the time range of the specific league table
  • Competing offers after the transaction is completed. 

Following transactions are excluded from TMT Finance’s league tables:

  • Rumoured, non-binding anticipated or cancelled deals are excluded from league tables.
  • Signing of the MoU and similar arrangements are also not eligible for inclusion. 

Financial Advisor League Table Inclusion Criteria:

  • Advisors who provide fairness opinions or independent advisory services to board committees are considered as financial advisors and hence are eligible for ranking.
  • Financial advisors who assisted the target or the bidder on matters related to Taxation, Due 

Diligence, Accounting, or Debt Advisory are not eligible.

  • If advisory services are being provided by a Joint Venture of two financial advisor, the Joint Venture will be treated as an independent entity. 

Legal Advisor League Table Inclusion Criteria:

  • All Legal advisory services in relation to an M&A transaction
  • Legal advisory services on financing of the M&A transaction will not be eligible for league table inclusion.
  • Legal advisors partnering up with other legal advisors to provide services will also be eligible for inclusion in advisory league tables. 

League Table Calculation:

  • Ultimate parent companies of the legal and financial advisors will be given credit for the deals where their subsidiary carried out or represented either party in the transaction.
  • Each financial advisors to successful bidders will receive full deal volume credit for a deal regardless of number of financial advisers and number of successful bidders.
  • Each legal advisor to successful bidders will receive full deal volume credit for a deal regardless of number of legal advisers and number of successful bidders.
  • Each financial advisor to target will receive full deal volume credit for a deal regardless of number of financial advisers.
  • Each legal advisor to target will receive full deal volume credit for a deal regardless of number of legal advisers.
  • Each financial advisor to successful bidders will receive prorated deal value credit. The prorated credit will be calculated by summing up all the financial advisors to all the successful bidders and then dividing the deal amount by that number. 
  • Each legal advisor to successful bidders will receive prorated deal value credit. The prorated credit will be calculated by summing up all the legal advisors to all the successful bidders and then dividing the deal amount by that number.
  • Each financial advisor to the target will receive prorated deal value credit. The prorated credit will be calculated by summing up all the financial advisors to the target and then dividing the deal amount by that number.
  • Each legal advisor to the target will receive prorated deal value credit. The prorated credit will be calculated by summing up all the legal advisors to the target and then dividing the deal amount by that number.
  • Advisors advising minority shareholders in the company sale will be given the full deal value credit, not proportionally to their stake size.