Luthra & Luthra Law Offices (L&L) advised United Online, Inc. (Nasdaq: UNTD) ("United Online") on the Indian law aspects in relation to the acquisition of its common stock by B. Riley Financial, Inc. (Nasdaq: RILY) and certain of its affiliates ("B. Riley") for approximately US$ 170 million.The deal is of considerable significance since United Online is one of the largest...
Luthra & Luthra Law Offices (L&L) advised United Online, Inc. (Nasdaq: UNTD) ("United Online") on the Indian law aspects in relation to the acquisition of its common stock by B. Riley Financial, Inc. (Nasdaq: RILY) and certain of its affiliates ("B. Riley") for approximately US$ 170 million.
The deal is of considerable significance since United Online is one of the largest internet-access providers in the United States and its communications segment features NetZero and Juno, which offers range of internet-access services. The deal is in furtherance of B. Riley’s, (a provider of investment banking & other diversified financial & business advisory services, through several subsidiaries) long-term strategy of expanding & diversifying their business through opportunistic acquisitions.
The transaction is expected to be closed by the end of the 3Q of 2016. The firm was involved in advising United Online on all Indian law implications of the acquisition, in light of the presence of a wholly owned subsidiary of United Online in India, i.e., United Online Software Development (India) Private Limited, including advising on General Corporate, Competition Law and Tax implications.
Luthra & Luthra Law Offices corporate team comprised Partners Kanchan Sinha, Associate Kaustubh Verma and was ably assisted by the Competition Law team that involved Partner G.R. Bhatia, Managing Associate Kanika Chaudhary Nayyar, Senior Associate Rudresh Singh. Direct Tax team comprised Partner Lokesh Shah & Senior Associate Aditi Goyal.