Hongkong based leading Asia- Pacific alternative asset manager has successfully completed its acquisition of debt ridden realty financier Altico Capital for for INR 2800 crores ($380M approx), as per reports by Mint.

The deal also marks as the first out-of-court insolvency resolution by a defaulting NBFC, as per the June 7, 2019 circular by the RBI.

J Sagar Associates advised Ares SSG led by partner Aashit Shah, partner Utsav Johri, principal associates Megha Saraf and Avantika Govil along with associates Devika Vasandani and Ronak Jain. Additionally, principal associates Pallavi Banerjee and Fatema Kachwalla, senior associates Ronak Thakkar and Nakul Sonejee and associates Neelasha Nemani and Ahsan Allana also assisted in the due diligence, with associate Sahil Unadkat assisting with closing of the transaction. The initial competition aspects of the transaction were dealt with by partner Vaibhav Choukse, principal associate Ela Bali, and associates Nripi Jolly and Aditi Khanna.

Talwar Thakore & Associates advised Ares SSG Capital Management (Singapore) Pte. Ltd led by a team of partner Ram Kumar Poornachandran, managing associate Dinoo Muthappa, associate Ankita Gulati.

Update 24 April: Shardul Amarchand Mangaldas acted for Altico and its board on structuring, advisory, and the transaction, led by partner Veena Sivaramakrishnan, partner Ambarish, partner Soummo Biswas, principal associate Sagar Manju, senior associate Aditi Tralshawala, senior associate Charu Misra, associate Yash Kahandole, associate Paavni Anand; and associate Varun Marwah. All the regulatory aspects of the transaction involved advice from consultant Gopalkrishna Hegde. Key strategic advice was provided by executive chairman and partner Shardul Shroff and consultant Sudarshan Sen.

Cyril Amarchand Mangaldas advised the lenders, led by State Bank of India.

AZB & Partners advised Varde Partners Inc.

2021-03-16

Deal Value: INR 2800 crores

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.