•  •  Dark Mode

Your Interests & Preferences

I am a...

law firm lawyer
in-house company lawyer
litigation lawyer
law student
aspiring student

Website Look & Feel

 •  •  Dark Mode
Blog Layout

Save preferences

Amarchand, Universal Legal power Numeric’s $171m UPS sale to Legrand

Uninterruptible power
Uninterruptible power
Exclusive: Amarchand Mangaldas advised French electrical and digital building infrastructure major Legrand Group in its Rs 837 crore ($171m) acquisition of Chennai-based Numeric Power Systems’ uninterruptible power supply (UPS) business, which as advised by Universal Legal.

Amarchand Mangaldas Mumbai partner Vandana Shroff acted for Legrand in this asset sale which valued Numeric at three times its market share price.

Universal Legal Chennai partner Kavitha Vijay acted for Numeric Power Systems whose board of directors recommended a “special dividend” out of the proceeds to its shareholders, according to The Hindu Businessline report of 10 February.

Singapore-based law firm Wong Partnership and Sri Lankan law firm FJ&G De Saram advised Legrand on non-Indian laws.

Ernst & Young acted on the financial due diligence for Legrand, with Lakshmi Kumaran & Sridharan advising on tax due diligence.

Ambit Corporate Finance was financial adviser on this acquisition of Numeric’s Indian, Sri Lankan and Singaporean UPS business, reported VCCircle on 10 February, 2012.

The deal which remains subject to customary, statutory and regulatory approvals, has been entered into through a business transfer agreement between Numeric and Legrand’s wholly owned subsidiary Indo Asian Electric. The subsidiary also gets rights to Numeric’s brand name, trademark and intellectual property.

C Venkat Subramanyam, founder and director of the investment bank Veda Corporate Advisors, said that this deal indicated the strong European interest in Indian firms, as well as the fact that large multinational companies were willing to pay good prices for quality assets that gave them a substantial competitive advantage, reported Mint on 10 February.

Photo by Steve Jurvetson

Click to show 3 comments
at your own risk
By reading the comments you agree that they are the (often anonymous) personal views and opinions of readers, which may be biased and unreliable, and for which Legally India therefore has no liability. If you believe a comment is inappropriate, please click 'Report to LI' below the comment and we will review it as soon as practicable.