Cyril Amarchand Mangaldas Advised UBS Group AG Related to Merger of Credit Suisse Group AG into UBS Group AG
Cyril Amarchand Mangaldashas acted and advised UBS Group AG, from an Indian regulatory change of control perspective, with respect to the indirect acquisition of Credit Suisse entities in India pursuant to the merger of Credit Suisse Group AG into UBS Group AG. As a part of the merger transaction shares equivalent to CHF 3 billion (Approx. USD 3.5 billion) were issued.
The transaction involved the UBS and Credit Suisse entities in India obtaining prior approval from the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI), stock exchanges etc., for change in control, pursuant to the global merger.
The General Corporate Practice and Securities Regulatory Practice of Cyril Amarchand Mangaldas advised UBS Group AG on the transaction.
The transaction team was led by Cyril Shroff, Managing Partner; Nivedita Rao, Partner; Ramgovind Kuruppath, Partner; Rutu Gandhi, Partner; Gazal Rawal, Partner; along with support from Megha Krishnamurthi, Principal Associate; Aditi Gupta, Senior Associate; Pruthvi Jasani, Associate; Suneha Kasal, Associate and Yash Mukadam, Associate.
Anand Sinha, Senior Advisor and Lily Vadera, Senior Advisor; provided strategic inputs and guidance on RBI- related aspects and Ranganayakulu Jagarlamudi, Senior Advisor provided strategic inputs and guidance on SEBI- related aspects on the proposed transaction and incidental matters.
Other parties and advisors to the transaction included Freshfields Bruckhaus Deringer (Global Transaction Advisor for UBS Group AG), Credit Suisse AG, Mumbai Branch (Counterparty), Credit Suisse Finance (India) Private Limited (Counterparty); and Credit Suisse Securities (India) Private Limited (Counterparty).
The Transaction was signed on 19th March 2023 and closed on 12th June 2023.