Houlihan, Lokey, Howard & Zukin, the US investment bank that opened an office in Europe last year, has advised on its second deal involving Flag Telecom Group, which filed for Chapter 11 bankruptcy protection in April last year.

The mandate represents a significant milestone for Houlihan Lokey, as the firm is mainly known for its US work, and is in the process of building up its European profile. The firm was initially hired last year to advise Flag Telecom's bondholders on the company's restructuring. Houlihan Lokey is now advising on the company's $207m (€178m) takeover by Reliance Gateway Net Private, part of Reliance Group, the Indian business house.