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Desai & Diwanji referral bags BLP £18.4m Indian outbound UK acquisition (UPDATE-1)

Desai & Diwanji and UK international firm Berwin Leighton Paisner (BLP) have jointly acted on Indian publicly listed Elecon Engineering’s acquisition of the UK’s Benzler-Radicon group of businesses for £18.4m and other global business arms.

The total value of the leveraged buy-out was £21.5 and also involved assets in Sweden, Thailand and the US.

Desai & Diwanji partner Vihang Virkar and associate partner Sakshi Mehra and associate Sonal Rangnekar advised Elecon Engineering on the domestic law aspects of the transaction while BLP London-based corporate finance partner Jonathan Morris, who is part of BLP’s core India group, and associate Laura Patao-Caminas led on the English law related work.

Morris told Legally India that Elecon was a new client that was introduced to BLP by Virkar, who previously worked with the company.

Morris added that despite not being able to have an office in India due to regulatory restrictions, working with leading Indian independent firms was paying off. “Our experience of building strong relationships around the world means that we are exceptionally well-placed to advise our Indian clients,” he said.

The UK seller group David Brown and Benzler-Radicon had hired Scottish-London firm Dundas & Wilson.

Swedish firm Gernandt & Danielsson and Thai firm DFDL Mekong advised on the local law aspects of the transaction.

The acquisition was made through the company’s Mauritius-based special purpose vehicle (SPV) called Elecon Transmission International and would lead to its taking ownership of several businesses in the Benzler-Radicon group including the applied products division of David Brown which trades under the Radicon brand name in UK.

Gernandt & Danielsson
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