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Amarchand, Canadian, African and int’l firms structure $422m sale of CIC to JSW Energy

Amarchand Mangaldas has advised JSW Energy on its $422m (Rs 1,900 crore) acquisition of Canadian power company CIC Energy with a raft of international law firms.

Amarchand partner L Viswanathan led the JSW team in the acquisition of the CIC company, which is dual-listed on the Toronto Stock Exchange and Botswana Stock Exchange, sporting subsidiaries in Botswana, South Africa, Mauritius, Barbados and the Bahamas.

Non-Indian law advice for JSW was provided by Canadian law firm Stikeman Elliott, South African firm Edward Nathan Sonnenbergs, British Virgin Islands’ Conyers Dill & Pearlman, Botswana firm Collins Newman & Co and Wragge & Co in England.

Canadian firm Macleod Dixon advised CIC.

The deal was signed on 23 November and is set to close by 28 February next year, after the signing of a non-binding offer letter which provides for reimbursement of JSW’s expenses if CIC management closes a deal with another company within six months of an agreed exclusivity period, stated Amarchand in a press release.

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