Ankura Joint Venture Index®

Money Talks – Big JVs Dominate

Ankura Joint Venture Index®: First Quarter 2022

MAY 2022 – Elon Musk’s takeover of Twitter isn’t the only billion-dollar deal peppering recent headlines. Many billion-dollar partnerships were announced during the first quarter of 2022. In the latest Ankura JV Index, you can read about these big collaborations, including the announcement that Egypt’s sovereign wealth fund will enter into a $5 billion green ammonia project with Norway’s Scatec and rumors that South Korean conglomerate LG Energy may partner with Honda to build a multi-billion dollar electric battery JV.

These mammoth deals were just a fraction of the overall JV and partnership volumes in the first quarter. Other highlights include announced exits from Russian JVs, the rise of urban air mobility partnerships, and significant activity in financial services partnerships, particularly related to cryptocurrencies and cloud-based payments.

Ankura Joint Venture Index®: First Quarter 2022


About the Authors

Lois Fernandes

Lois D’Costa Fernandes is a Senior Director at Ankura, where she leads the firm’s research and analytics on joint ventures and partnerships. Previously, Lois was a founding employee of Water Street Partners and prior to that was a core member of the Joint Venture Practice at McKinsey & Co. She has authored numerous articles on joint ventures and partnerships, including in MIT Sloan Management Review, Harvard Law School Forum on Corporate Governance, and the Journal of World Energy Law & Business.

Saadhika Sivakumar

Saadhika Sivakumar is a Senior Associate at Ankura, where she supports clients and manages the firm’s proprietary databases on joint ventures and partnerships. Leveraging Ankura's proprietary databases, market outlooks and repositories of best practices, Saadhika develops actionable perspectives on joint venture and partnership transactions and governance-related matters across a range of industries.

Tracy Branding Pyle

Tracy Branding Pyle is a Managing Director at Ankura who specializes in helping organizations navigate complex transactions, and, in particular, joint venture-related transactions. She works with a wide array of U.S. and international companies across industries to help them structure, negotiate, approve, and launch joint ventures to set these ventures up for success. She additionally advises on governance of individual joint ventures and portfolios of joint ventures to help companies to minimize risk, increase efficiencies, and find value. Prior to joining Ankura, Tracy practiced law at Hogan Lovells, where she advised clients on joint ventures, public and private mergers and acquisitions, and corporate governance matters. Tracy is based in Washington, DC.

James Bamford

James Bamford is a Senior Advisor at Ankura based in Washington, DC. He joined Ankura with the firm’s 2020 acquisition of Water Street Partners, which he co-founded in 2008. Water Street Partners has been independently ranked as the number one global advisor on joint ventures since 2017. Prior to Water Street, he was global co-lead of the Joint Venture & Alliance Practice at McKinsey & Company.


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