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150-lawyer deal: Amarchand, Platinum, Slaughters sell United Spirits to Diageo for £660m

Diageo gets the Indian spirit
Diageo gets the Indian spirit
Breaking: Platinum Partners and Slaughter and May advised London-based drinks giant Diageo on its complete £1.28bn (Rs 11,166 crore) acquisition of Vijay Mallya-promoted United Spirits, which was advised by Amarchand Mangaldas Mumbai office, as well as Kanga & Co and Herbert Smith Freehills.

Amarchand Mumbai managing partner Cyril Shroff and Bangalore partner Nivedita Rao acted for United Spirits’ parent company, United Breweries Holdings Group, according to a press release from the firm. Mumbai competition law partner Nisha Kaur Uberoi and senior advisor taxation Nanda Shah also advised on the deal.

Platinum Partners together with Slaughter and May’s London office acted for Diageo.

Platinum Mumbai partners Nihar Mody and Yash Mohanram led for Diageo from India with Piusha Bose.

Slaughter and May corporate partners Simon Nicholls, Robin Ogle and Padraig Cronin led from London, assisted by associates Stuart Whitty, Filippo de Falco, John Connell, Phil Jockelson, Murray Cox, Thomas Braiden and Shaym Radia, as well as financing partners Stephen Powell and Ed Fife, associate James Greenwood and partners in tax, intellectual property, pensions and employment and real estate.

United Breweries English law advisor was Herbert Smith Freehills, while Kanga & Co assisted on the due diligence in India.

One source with knowledge of the deal said that around 150 lawyers had been involved across the globe.

Diageo will buy 19 per cent of the stake held by the promoters in UB for £660m, and 8 per cent of freshly-issued equity, followed by an open offer to give it a majority holdings, reported Mint. It also included a joint venture over United National Breweries South African beer business.

United Breweries instructed Citigroup Global Markets as lead financial adviser, while Ambit Corporate Finance assisted on tax and structure-related issues.

JM Financial was lead transaction and financial adviser to Diageo and BofA Merrill Lynch was joint financial adviser, with UBS also providing assistance.

Amarchand and Platinum (with Freshfields Bruckhaus Deringer) also recently acted on opposite sides on the Rs 2,400 crore sale of Gujurat Gas Company by the BG Group.

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1.3.2.1...
Like+0 Object-0 yes 8 years ago
why only this deal? in none of the deal they do so, is my observation. While, it is sure that, the real workers are deliberately hidden
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2
Like+4 Object-0 Alcoholic 8 years ago
Cyril, Nivi and Nisha are terrific lawyers. Platinum is getting some big deals the only alliance with a foreign law firm which is showing real benefits of a tie up. Good compact team of Nihar and Yash. Why was Kanga and not Platinum doing the due diligence? Manpower?
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2.1
Like+1 Object-0 Platinum 8 years ago
Quoting Alcoholic:
Cyril, Nivi and Nisha are terrific lawyers. Platinum is getting some big deals the only alliance with a foreign law firm which is showing real benefits of a tie up. Good compact team of Nihar and Yash. Why was Kanga and not Platinum doing the due diligence? Manpower?

Platinum doesn't need manpower. Nihar is the MAN! His team has plenty of powder puff!
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A 19-word comment posted 8 years ago was not published. [Appeal decision]
2.2
Like+3 Object-0 Magic Circle 8 years ago
Quoting Alcoholic:
Cyril, Nivi and Nisha are terrific lawyers. Platinum is getting some big deals the only alliance with a foreign law firm which is showing real benefits of a tie up. Good compact team of Nihar and Yash. Why was Kanga and not Platinum doing the due diligence? Manpower?

Alliance? More like the India LPO of Freshfields.
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2.2.1
Like+0 Object-0 Yes, it is 8 years ago
In fact, it is surprising why freshfields is also not appearing in the headline next to Platinum.

It is a classic example of a proxy of foreign law firm in India. This is the best way to do so. No laws need be amended, just keep referring matters and that's it.
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3
Like+0 Object-0 Corporate Lawyer 8 years ago
Cyril is easily India's finest lawyer and one of the most respected corporate lawyers globally. Only he could have pulled off a deal of this magnitude.
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3.1
Like+26 Object-0 Advocate Chill 8 years ago  interesting  top rated
Quoting Corporate Lawyer:
Cyril is easily India's finest lawyer and one of the most respected corporate lawyers globally. Only he could have pulled off a deal of this magnitude.

Really, wipe the stars from your eyes.

Ciyril's chief ability is to prevent the market from opening up and having him and his "firm" measured by real competition. Any solid corporate firm from Kansas City or Leeds could have flown in and done this deal with a junior partner and half a dozen associates. They could have sourced the India-side advice from a so-so desi accountancy practice, changed their awesome docs to some horrible font like trebuchet and make the margins justified, and you'd say it was "Cyril's best work yet."

And you'd be right.
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4
Like+3 Object-0 FYI 8 years ago
Now we shall have Black Label beer in India.
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5
Like+0 Object-0 Babu chand 8 years ago
Congratulations to Hon'ble Cyril ji and his team for conducting this deal.
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6
Like+3 Object-0 Chulbul Pandey 8 years ago
Congratulations to all involved. I am sure this deal would have given you guys a real "high"...Cheers..hic hic !
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6.1
Like+2 Object-0 peace 8 years ago
at the end of the day, it is a peaceful sleep in the night is what matter.

One day Steve Jobs' and Apple will be forgotten just as we have forgotten who the first man, or woman, who invented the wheel and the first man, or woman, who domesticated fire. It is the nature of man to believe that his lifetime is the span of the cosmos. It is the nature of man to believe his contribution will solve all the problems of the world. Sadly it isn't so ----

articles.economictimes.indiatimes.com/2012-11-02/news/34876051_1_steve-jobs-apple-logo-human-nature
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7
Like+0 Object-0 Minority Rights 8 years ago
Kian, please publish the names of the other Platinum associates who worked on this deal.
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A 39-word comment posted 8 years ago was not published. [Appeal decision]
8
Like+0 Object-0 Pratap Tiku 8 years ago
Is it true that the Diageo MD is the sister of Gopal shankar from the supreme court who was also batchmate of nivedita and yashasvee?
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9
Like+3 Object-0 Deal junkie 8 years ago
Platinum is clearly eating into the market space of azb jsa Luthra etc. they have an interesting model which is based on playing second fiddle to London firms . Let the foreign firms earn the big bucks and they will be the friendly side kick. The real Indian law firms would never accept this role of pet poodle. But nihar and his team is surely getting traction with this model. The model will fall apart when pp either merges with fresh fields or they have to deliver serious regulatory outcomes in india. They have no branding or clout in india. Usually it's platinum who? Is it a firm or an ornament . they are no threat to firms with strong Indian clientele but surely the firms who rely on London referrals should watch out . The pet poodle model is finally here !
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A 33-word comment posted 8 years ago was not published. [Appeal decision]
10
Like+3 Object-0 Anon 8 years ago
Amarchand is on a roll . Kudos to Cyril and his team. They are roaring in the m and a game with massive deal flow. Clearly left azb far behind this year doing real solid work. Azb profile was always more outbound work with a really small work slice. They getting caught out. Amarchand was always the law firm which took on senior roles as compared with azb and jsa which played smaller deal roles. The likes of platinum are calling the bluff of the azb model which is based on zia the superstar and no real depth otherwise.
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10.1
Like+7 Object-0 Poodle Partners 8 years ago  interesting
Quoting Anon:
Amarchand is on a roll . Kudos to Cyril and his team. They are roaring in the m and a game with massive deal flow. Clearly left azb far behind this year doing real solid work. Azb profile was always more outbound work with a really small work slice. They getting caught out. Amarchand was always the law firm which took on senior roles as compared with azb and jsa which played smaller deal roles. The likes of platinum are calling the bluff of the azb model which is based on zia the superstar and no real depth otherwise.

AZB has other rainmakers besides Zia. Nihar is the only superstar at Platinum and his rain blows in from London.
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11
Like+5 Object-0 Burundi 8 years ago  interesting
Wah cyriljee wah! Rare to see a managing partner of a major law firm also being so hands on in transactions . You are a genius Saar ! Keep it up . Amarchands recent upsurge in deal tables is directly linked to your involvement on big deals. How long can you do this and yet manage the complex politics of Amarchand ? Be careful of your health . You are India's best . Don't want to lose you . No other firm has the guts to stand upto foreign firms. And you personally are it's main strength. India's independent law firm bar depends solely on you for its pride. Keep it up.
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12
Like+1 Object-0 Bangalore Vakil 8 years ago
Nivedita , way to go ! Always knew you were fabulous . Soooo proud of you .
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A 19-word comment posted 8 years ago was not published. [Appeal decision]
13
Like+6 Object-0 reality 8 years ago  interesting
To all those singing praises of a particular Indian lawyer, query? was it Herbert SMith or Amarchand that did bulk og the work on the transaction?

it seems like a deal negotiated between Herbert Smith and S&M with Indian firms providing local law support and regulatory advise
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13.1
Like+1 Object-0 Reality check 8 years ago
Quoting reality:
To all those singing praises of a particular Indian lawyer, query? was it Herbert SMith or Amarchand that did bulk og the work on the transaction?

it seems like a deal negotiated between Herbert Smith and S&M with Indian firms providing local law support and regulatory advise


This is Amarchand not poodle shop we are talking about!! Herbert Smith played the supporting role. Indian target company which is India's largest liquor manufacturer, go figure. Local law support and regulatory advise? It's all about Indian law and Indian regulators.
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13.1.1
Like+4 Object-0 Advocate Chill 8 years ago
Quoting Reality check:
Quoting reality:
To all those singing praises of a particular Indian lawyer, query? was it Herbert SMith or Amarchand that did bulk og the work on the transaction?
it seems like a deal negotiated between Herbert Smith and S&M with Indian firms providing local law support and regulatory advise


This is Amarchand not poodle shop we are talking about!! Herbert Smith played the supporting role. Indian target company which is India's largest liquor manufacturer, go figure. Local law support and regulatory advise? It's all about Indian law and Indian regulators.



It's pathetic that a country of a billion plus worships at the feet of a single law "firm" such as AMSS. Anyone who writes "This is Amarchand not poodle shop we are talking about" is in the poodle category himself. If Cyril and Co. cared about the profession in this country they'd prefer a vibrant, competitive marketplace. Rather, he's marrying his daughter into the power structure, sucking up to the establishment and prancing about as if he's actually in a competitive race. [...]
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A 40-word comment posted 8 years ago was not published. [Appeal decision]
A 28-word comment posted 8 years ago was not published. [Appeal decision]
A 65-word comment posted 8 years ago was not published. [Appeal decision]
14
Like+4 Object-0 Become aware before it becomes 8 years ago
Dont think the math works - £660m (Rs 11,166 crore)

From a Marwari
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14.1
Like+0 Object-0 kianganz 8 years ago
You are of course correct - the £660m figure was the consideration paid to the promoters, while the Rs 11,166 crore is the total value of the deal, which works out to around £1.28bn.

This has now been fixed, thanks for pointing out.
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15
Like+2 Object-0 The Bar-man 8 years ago
Hmm, there is definitely no doubt that Amarchand gave sound legal counsel to Mr. Mallya (well, obviously!), but when it comes to sheer negotiation, one wonders why Mr. Mallya's advisors were unable to secure a more favourable 'deal', both financially and otherwise.

The way it seems right now is that Mr. Mallya, in the very apt words of that song, 'toh ainvaye, ainvaye, ainvaye lut gaye'.

Guess 'the Good Times' have come to a close. Now Mr. Mallya's main surviving business interest seems to be the audition of wannabe bikini models. Aww, I feel bad for Papa Mallya, the desi tanned Santa Claus lookalike.
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A 4-word comment posted 8 years ago was not published. [Appeal decision]