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Khaitan leads for Flipkart in record $16bn sale with 14 SAM partners for Walmart • Trilegal, CAM, Argus, JSA also get piece • HogLove global [UPDATE-5]

WalKart has been keeping law firm’s offices very busy...
WalKart has been keeping law firm’s offices very busy...

Four Indian law firms are advising in world-record breaking sale of Indian unicorn Flipkart, the biggest domestic Amazon competitor, to Walmart.

“Walmart Inc. on Wednesday announced its high profile acquisition of Flipkart for $16 billion for a valuation of over $20 billion, making it the largest ecommerce acquisition in the world. The Bentonville company has acquired 77% of the Bengaluru-based company, as per sources,” according to the Economic Times and others.

Khaitan & Co Bangalore partner Ganesh Prasad acted for Flipkart , with partner Vinay Joy, associate partner Arun Scaria, principal associate Sanjay Khan Nagra and associate Mrudul Dadhich, with the due diligence team including senior associates KA Alakiri, H Muralikrishnan and Tamarra Sequeira, and associates Siddharth Baladevan Nair, Luv Saggi, Bhargav Rao, and Chirag Narasimaiah, according to a Khaitan press release.

Shardul Amarchand Mangaldas corporate head and partner Raghubir Menon led for Walmart on the corporate side. The competition team was led by managing partner Pallavi Shroff.

Update 22:02: At Shardul Amarchand Mangaldas, for Walmart the general corporate, competition law, banking & finance, IPR and tax practices were involved fielding at least 14 partners, according to the firm’s press release: The Shardul Amarchand team was led by Delhi managing partner Pallavi Shroff, according to the release, while the M&A transaction team was led by partner Raghubir Menon. It said other “key partners” involved in the deal were partners Ekta Gupta, Puja Sondhi, Natashaa Shroff, Abhishek Guha, Aayush Kapoor, and Siddharth Nair General corporate advice was provided by head of the FinTech practice and partner Shilpa Mankar Ahluwalia and FinTech partner Shubhangi Garg. The competition law practice team was led by partner Shweta Shroff Chopra, tax was led by partner Amit Singhania, while intellectual property was led by partner Mukul Baveja.

Trilegal also had a role on the mammoth deal, advising South Africa-based global internet and entertainment group Naspers Limited, which sold its 11.18% stake to Walmart for $2.2bn. The Trilegal team was led by partner Yogesh Singh and competition head and partner Nisha Kaur Uberoi, according to a Trilegal press release.

Update 20:03: Cyril Amarchand Mangaldas will be advising Flipkart going forward on the required competition law filings and other related aspects, led by competition partner Bharat Budholia, according to a firm spokesperson. Cyril Amarchand will of course in future be welcoming Avaantika Kakkar, competition partner from Khaitan & Co.

Update 21:46: Hogan Lovells San Francisco office led the transaction for Walmart internationally, led by Silicon Valley M&A partner Rick Climan, along with Singapore office managing partner Stephanie Keen and Silicon Valley partner Chris Moore.

Hong-Kong based Walmart Asia general counsel (GC) and senior vice president, chief administrative officer Erica Chan was responsible for overseeing the deal for the retail giant.

Update 10 May 2018: Argus Partners advised TR Capital in its Flipkart exit via a share buyback by the company, in the run-up to the Walmart deal. The Argus team was led by Bangalore-based senior partner Siddharth Raja and included associate Ankita Gupta. Samvad Partners co-founder Raja had joined Argus in 2016.

Update 11 May 2018: J Sagar Associates (JSA) Bangalore-based partners Vivek Chandy and Archana Tewary, with senior associate Pooranimaa Hariharan advised eBay in relation to the sale of its stake in Flipkart.

Photo by Old Cart Signs

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