Khaitan & Co Advised Stonepeak Partners LLC On The Proposed Acquisition Of Castrol Group Holdings Limited from BP Plc

Khaitan & Co advised Stonepeak Partners LLC on the proposed acquisition of Castrol Group Holdings Limited from BP plc

The leading law firm in India, Khaitan & Co advised Stonepeak Partners LLC on its proposed acquisition of Castrol Group Holdings Limited from BP plc (“Seller”), in a transaction valuing the Castrol business at an enterprise value of approximately USD 10 billion. As part of the transaction, the Seller will retain a 35% non-controlling interest.

Since Castrol India Limited is an indirect subsidiary of Castrol Group Holdings Limited, the transaction also triggered a mandatory open offer by the acquirer and persons acting in concert to acquire shares from public shareholders of Castrol India under the provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The transaction involves the acquisition of a truly multinational business with operations in over 150 countries.

The core Khaitan & Co team comprised Shishir Vayttaden (Partner), Shashank Patil (Counsel), Surbhi Ajitsaria (Principal Associate), Suyashi Mishra (Senior Associate), Vritika Lakhwani (Senior Associate), and Anjana Raghunath (Associate), with strategic inputs from Arindam Ghosh (Partner).

The Employment law aspects were handled by Vinay Joy (Partner), Srishti Ramkrishnan (Counsel), and Ajay Kranthi Kothwal (Associate).

The Intellectual property aspects were advised by Nirupam Lodha (Partner), Janaksinh Jhala (Counsel), Abhishek Kumar (Principal Associate), Gautam Wadhwa (Senior Associate), Malika Nandkeolyar (Senior Associate), Toshani Mukherjee (Senior Associate), and Mathews Savio (Associate).

The Insolvency-related matters were handled by Manavendra Mishra (Partner), Madhur Arora (Senior Associate), and Soumyadip Ghorai (Associate).

The Merger control aspects were advised by Anshuman Sakle (Partner).

The Direct tax matters were handled by Jimmy Bhatt (Partner) and Vishal Samnani (Senior Associate), while indirect tax aspects were advised by Mayank Jain (Partner), Pranay Sahay (Principal Associate), and Rajshree Lohia (Senior Associate).

The Environmental law aspects were advised by Vanita Bhargava (Partner) and Vishal Shrivastava (Principal Associate).

The Due diligence on the indirect target of the global transaction was conducted by Bhaskar Vishwajeet (Associate), Jahnavi Yalavarthi (Associate), Pragyansh Nigam (Associate), and Radhika Naik (Associate).

Khaitan & Co advised and assisted the client on finalisation of transaction documents from an Indian law perspective, conducted due diligence on the target company, and advised on the mandatory open offer triggered by the global transaction.

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