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AZB, Amarchand sell HR Ikya to Thomas Cook, Fairbridge for $48m

AZB & Partners advised British travel major Thomas Cook’s erstwhile Indian subsidiary in buying a 74 per cent stake in upcoming Indian staffing company Ikya Human Capital Solutions for Rs 256 crore ($47.6m). Ikya was advised by Amarchand Mangaldas.

AZB & Partners Mumbai partner Ashwin Ramanathan with senior associates Nandish Vyas and Bhavi Sanghvi acted for Thomas Cook (India) and Canadian investment company Fairbridge Capital which had acquired the Indian subsidiary from the UK’s Thomas Cook PLC in May last year.

This, according to the Economic Times, was Fairbridge’s first acquisition after the Thomas Cook buy.

Amarchand Mangaldas Bangalore partner Reeba Chacko with principal associate Akshay Bhat acted for Ikya.

The deal marks the complete exit of venture capital fund India Equity Partners from Ikya, reported VCCircle. India Equity Partners had bought a 59 per cent stake in the Bangalore-based staffing firm since 2008.

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