Khaitan & Co Advised JSW Paints On Acquisition Of Up To 74.76% Stake In Akzo Nobel India
Khaitan & Co Advised JSW Paints On Acquisition Of Up To 74.76% Stake In Akzo Nobel India
Khaitan & Co advised JSW Paints Limited in relation to its proposed acquisition of up to 74.76% stake in Akzo Nobel India Limited (ANIL) from Akzo Nobel N.V. and its affiliates for a consideration of approximately INR 9,403 crores, subject to certain closing adjustments (“Proposed Transaction”).
The Proposed Transaction is subject to the approval of the Competition Commission of India and the completion of a mandatory tender offer to the public shareholders of ANIL. The acquisition will trigger an open offer for up to 25.24% of the voting share capital of the company, from its public shareholders, by JSW Paints Limited along with persons acting in concert, for an amount of up to approximately INR 3,929 crores.
This is the first time an acquirer will utilize Regulation 7(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 to pro-rata reduce the transaction size and the open offer size to help maintain public shareholding. It is also the first acquisition in the paints sector to be referred before the Competition Commission of India.
The core transaction team included Shishir Jose Vayttaden (Partner), Abhishek Dadoo (Partner), Surbhi Ajitsaria (Principal Associate), Jayantika Khanna (Principal Associate), Riya Sharma (Senior Associate), Gaurang Mansinghka (Senior Associate), Gitika Lahiri (Associate), Harishankar Raghunath (Associate), and Niyati Karia (Associate).
The intellectual property diligence was handled by Nirupam Lodha (Partner), Malika Nandkeolyar (Senior Associate), Toshani Mukherjee (Senior Associate), and Vanshika Thapliyal (Associate).
On financing agreements and diligence, the team comprised Manisha Shroff (Partner), Arijit Sarkar (Partner), Mohit Kishore (Partner), Rajshekhar Upadhyaya (Principal Associate), Anushka Sinha (Senior Associate), Sriram Madhav Kommu (Senior Associate), Tushar Kumar (Senior Associate), and Jhanvi Shah (Associate).
For competition law aspects, the team included Anisha Chand (Partner), Alisha Mehra (Principal Associate), Nilav Banerjee (Senior Associate), and Toshika Soni (Associate).
On diligence, additional team members included Naina Bora (Associate), Prakhar Khandelwal (Associate), Shreeya Agrawal (Associate), Tawishi Beria (Associate), and Aathira Satish (Consultant).
Real estate diligence was handled by Avnish Sharma (Partner), Gaurav Dasgupta (Partner), Sudheer Madamaiah (Partner), Kartik Shiv Kumar (Counsel), Rishabh Mukund Vora (Counsel), Rupali Singh (Principal Associate), Siddharth Godha (Principal Associate), Riya Manuja (Senior Associate), Shreetama Chakraborty (Senior Associate), Harish Bojappa Kugunavar (Associate), Nupur Antrolikar (Associate), and Richaa Mukhopadhyay (Associate).
The data privacy diligence was led by Supratim Chakraborty (Partner) and Shramana Dwibedi (Senior Associate).
Employment diligence was handled by Vinay Joy (Partner), Srishti Ramkrishnan (Counsel), Simran Sharma (Senior Associate), Ajay Kranthi Kothwal (Associate), and Tanvi Uday Shetty (Associate).
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