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Amarchand, JD, SullCrom bag record $2.5bn Apollo-Cooper takeover

Merging rubber
Merging rubber
Amarchand Mangaldas Delhi, Jones Day and Sullivan Cromwell acted on Gurgaon-headquartered Apollo Tyres, which bought Ohio, USA-based Cooper Tire & Rubber for $2.5bn, making it the largest takeover of an auto parts company since 2007.

Sullivan and Amarchand acted for Apollo, while Jones Day advised Cooper, according to a Cooper press release yesterday.

Amarchand Delhi managing partner Shardul Shroff led the team for Apollo, of which he is also an independent board of director member, according to the American Lawyer. The Sullivan team is led from London by M&A partners Scott Miller and Jay Clayton, finance partner Presley Warner and EU competition partner Juan Rodriguez.

Jones Day’s team was led by Clevaland M&A partners Lyle Ganske and Peter Izanec, and included a number of other partners from Cleveland and New York, according to a press release from the firm.

Cooper Tyre’s general counsel is Sullivan Cromwell alumnus Stephen Zamansky, according to the American Lawyer, which also added that US law firm Winston & Strawn had lobbied for Cooper Tire last year for $80,000 in fees, to improve the “business climate” for the firm.

BofA Merrill Lynch served as financial advisor, alongside Morgan Stanley and Deutsche Bank. Apollo’s share price plummeted 17 per cent upon the news. The deal, meant to offset weaker demand for automobiles in India and Europe, follows Apollo’s sale of its South African subsidiary to Sumitomo Rubber Industries for $60m.

The Indian company will issue debt to pay a 43 per cent premium in buying the US company, which is around twice its size. [Mint / Bloomberg]

Photo by psyberartist

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