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Deals in brief: Semi-mysterious $2.7bn Cognizant US M&A with NDA | €730m Alstom-Triton | Everything else that’s been happening in corporate deal world

Deals in brief: String-wrappeDeals in brief: String-wrappe

Read on for the hottest M&As, fundraisings and financings of the fortnight from India’s biggest, smallest and medium-sized law firms.


Cognizant mega-M&A in Colorado

Indian IT major Cognizant has entered into an agreement to buy the Colorado-based TriZetto Corporation for $2.7bn. TriZetto makes healthcare IT software and services [Reuters]

Cognizant: Nishith Desai Associates as Indian legal and tax counsel and Latham & Watkins as US counsel, with Cognizant Asia Pacific general counsel Anand Bhushan. However, there is officially a gag order on all law firms and lawyers involved on disclosing partner names involved.

TriZetto: Kirkland & Ellis

Alstom €730m Triton sale

Alstom sold its steam auxillary components business to Triton, a leading European investment firm for 730m Euros

Alstom India: Amarchand Mangaldas partners Akila Agrawal and Shweta Shroff Chopra, principal associate Sourav Kanti De Biswas, senior associate Mukul Sharma, and associate Aman Sethi and Freshfields

Triton: Economic Laws Practice managing partner Rohan shah, partners Darshan Upadhyay and Rohit Jain, associate managers Amruta Kelkar and Vidushi Maheshwari and senior associate Bhavin Gada, Linklaters partner Sushil Jacobs and Talwar Thakore & Associates

Renewables $20m FDI

Renewable energy company Guayama PR Holdings proposed 49 per cent FDI in WPA Clean Energy and its promoter Atria Brindawan Power for Rs 1.2bn ($20m)

WPA and Atria: Kochhar & Co senior partner Harry Chawla, partner Chandrashekhar Tampi and senior associate Vinu Peter

Investor: Amarchand Mangaldas partners Santosh Jankiram and Ravindra Bandhakavi, principal associate Vaibhav Kothari and associates Sudarshana Ghosh and Jyoti Rani

First approved 49%-FDI in asset reconstruction company

Asset Care and Reconstruction Enterprise sold 49 per cent stake to Singapore-based SSG Capital Management for an undisclosed amount [PTI] This is the first transaction to get RBI approval for 49 per cent FDI in an asset reconstruction company

ACRE: Business Law Chambers partner Gaurav Shanker

SSG Capital: Vaish Associates partner Vinay Vaish

Evalueserve buys German data company

Global research and analytics company Evalueserve acquired Beyond Data GmbH

Evalueserve: In house team led by general counsel Iqbal Tahir and counsels Kartikay Sharma and Rohan Jain, with German law firm Menold Bezler partner Andreas Wolfe

Beyond Data: Dr Luders & Partners partner Meyer Kessel

Capital markets

DIC delisting

DIC Asia Pacific holding 71.75 per cent of DIC India, proposed to acquire the remaining 28.25% of the fully paid-up equity share capital of DIC India from its public shareholders at an indicative price not exceeding Rs 260. ICICI Securities was the manager to the delisting

DIC Asia Pacific and ICICI Securities: Desai & Diwanji partner Srishti Ojha and associates Ankesh Jain and Ishita Kashyap

Sale of $66.3m IndusInd shares via block trade

GA Global Investments sold $66.3m worth of shares of IndusInd Bank by way of a block trade

GA Global Investments: Khaitan & Co executive director Sudhir Bassi and partner Arindam Ghosh


ZTE invokes $921,000 guarantee

Chinese telecoms company ZTE Corporation is invoking a $921,487 guarantee in the Delhi high court against HCL Infosystems, to recover alleged unpaid dues by purchases made by its subsidiary Digilife Distribution and Marketing Services.

ZTE: Seth Dua partners Salman Waris and Vasanth Rajsekaran with associates Arjun Uppal and Sukrit Seth


Mind The GAP licence

US-designer clothing and accessories brand GAP licensed its brand and products in favour of Arvind Lifestyle Brands

Arvind: IndusLaw partner Suneeth Katarki, senior associate Winnie Shekhar and associate Piyush Bhawalpuria

GAP: US in-house counsel

Vakratunda film release

Bohra Bros Films, Saba Communications and Sikhya Entertainment will be releasing their film Vakratunda Mahakaya in theatres on Diwali

Producers: TMT Law Practice partner Kaushik Moitra advised Bohra Bros, Saba and Sikhya on all contracts, agreements and legalities related to the film

Private equity

Times Internet & others do Rs 210 SSN Logistics investment

Multiples Private Equity Fund I Limited, Multiples Private equity Fund, Nexus Ventures III and Times Internet invested Rs 210 crore in SSN Logistics

SSN Logistics: Samvad Partners partner Nivedita Nivargi, senior associate Ashwini Vittalachar and associate Junaira Rahman

Multiples Private Equity Fund I: Nishith Desai Associates partners Vaibhav Parekh and Shinoj Koshy and associates Neha Sinha, Harshita Srivastava and Shreyas Bhushan

Nexus Ventures III: J Sagar Associates partner Sidharrth Shankar and associates Aparajita Srivastava, Priyam Singh and Shantanu Jindel.

Times Internet: Sand Hill Counsel partner Anand Kumar and associates Khozema Rangwala, Nina Menon and Nisha Mallik

Bangalore online grocery store BigBasket gets Rs 200 crore

Online grocer BigBasket received Rs 200 crore funding from investors led by venture capital firms Helion and Zodius Fund II and Avendus [ET]

BigBasket: IndusLaw Bangalore partner Srinivas Katta and associate Deepti Agheda

Investors: Amarchand Mangaldas Bangalore partner Arjun Lall

Helion Zobtree seed investment

Helion Investment III made a seed investment of Rs 3 crore in Zobtree Ventures

Zobtree Ventures: Samvad Partners partner Harish Narasappa, senior associate Ashwini Vittalachar and associate Junaira Rahman

Helion Ventures: MNK Law Offices partner Gyanendra Kumar and associates Kunal Arora and Nishant Arora

Banking & Finance

Axis in Rs 275 crore Future Retail loan

Axis Bank loaned Rs 275 crore ($45m) to Legitimate Assets Operators (LAOPL) for purchase and lease-back of retail store equipment to Future Retail

Axis Bank: Khaitan & Co associate partner Kumar Saurabh Singh

LAOPL: In house

Bank of Baroda lends AU$8.8mhh

Bank of Baroda, Sydney provided an AU$8,800,000 facility to Joyce Foam

Bank of Baroda: Majmudar & Partners partner Prashanth Sabeshan

PNB €5m loan to Binanis

Punjab National Bank (International), London extended EUR5,000,000 to 3B Fibreglass SRPL, Belgium, a member of the 3B Binani group of companies

PNB: Majmudar & Partners partner Prashanth Sabeshan and TTL LLP

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Like +3 Object -2 Exam taker 24 Sep 14, 18:50
With all due respect to the effort put in by the respective lawyers and specialists, I am slightly confused, what do u really advise to someone who is doing a block trade of shares of a listed entity? aren't block trades very standard way of dealing with large quantity of shares to be sold on an exchange?

Would like to hear some feedback from veterans.
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Like +3 Object -1 Feedback 25 Sep 14, 12:01
Block trade is a colloquial term for pre-negotiated trades between parties, and not quite similar to how it is explained in your SEBI and stock exchange literature. Since secondary market trades in the usual window are not supposed to be negotiated, it requires Indian as well as international lawyers to structure one and prepare the documentation for, which has now become standard (more or less).
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Like +1 Object -2 Duhh 25 Sep 14, 07:37
Ha Ha! I like how some of the banking deals write the full number with all the zeros and not just __ million. They're probably trying to make the deal look more significant.
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Like +1 Object -1 kianganz 25 Sep 14, 08:21
Or they've been writing the documentation for so long, they can only talk in zeros or in full word numbers :)
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Like +2 Object -1 Guest 25 Sep 14, 14:37
Where is HSA?
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Like +0 Object -0 Anon 30 Sep 14, 13:04
D&D is nowhere to be found :-(
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