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JSA, AZB, Covington draw up Disney’s $454m UTV buyout

The Mouse courts Bollywood
The Mouse courts Bollywood

J Sagar Associates (JSA) and US firm Covington & Burling advised Disney, which is seeking to buy-out its Indian partners in the UTV joint venture for $454m, with AZB & Partners advising UTV’s promoters.

AZB Mumbai partner Shuva Mandal and associate Archana Rajaram advised UTV’s promoters Ronnie Screwvala and Unilazer on the delisting announcement of UTV and the potential buy-out of the promoters’ nearly 20 per cent stake in UTV if the transaction goes ahead.

JSA Mumbai partners Somasekhar Sundaresan and Vikram Raghani with senior associate Gautam Gandotra and associate Anand Lakra advised Disney, with Covington & Burling Washington partner Ralph Voltmer and New Yoirk partner Jack Bodner.

If Disney’s buyout from the Indian founders proceeds the US media company will control UTV.

Disney told Bloomberg in a statement: “Given the multiple stages and the nature of the process, a successful outcome is uncertain.”

Screwvala added: “In the event Disney is successful in acquiring sufficient outstanding shares of UTV to delist, Rohinton Screwvala, current CEO of UTV, will sell his shares to Disney and become managing director of The Walt Disney Company India.”

Photo by Loren Janvier

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