Indian movie producer Eros International Plc is merging with privately-held U.S. filmmaker STX Entertainment in an all-stock deal that brings together Bollywood and Hollywood. The combined company, to be known as Eros STX Global Corp., will be publicly traded and have a valuation of more than $1 billion, including debt, according to people familiar with the details, who asked not to be identified as the matter is private.
— Bloomberg
S&R Associates advised Eros International PLC, which is listed on the New York Stock Exchange, led by a corporate team of partners Rajat Sethi and Sudip Mahapatra and associates Vidhi Sharma, Gunit Kaur and Tanaya Desai. On competition issues advised competition practice head Simran Dhir, and associates Dhruv Agarwal and Ishika Rout.
Khaitan & Co was instructed for STX, with a core team of partner Mayank Singh, principal associate Sanchit Agarwal and associate Akarshita Dhawan, with assistance from the following teams: securities law aspects: partner Arindam Ghosh, principal associate Abhishek Dadoo and associate Anvita Mishra; competition law aspects: partner Sagardeep Rathi, principal associate Pranjal Prateek and associate Alisha Mehra; litigation: partner Tomu Francis and partner Raj Panchmatia; indirect tax law aspects: executive director Dinesh Agarwal and senior associate Pranay Sahay; intellectual property law aspects: partner Aadheesh Nargolkar, partner Smriti Yadav; due diligence: partner Harsh Walia, principal associate Shobhit Chandra, associate Aditya Ayachit; associate Tanmaya Negi; associate Yashodhara Chauhan.
Update 18 April 2020: According to Khaitan’s press release, it “advised and assisted the Client on the following: (i) India level implications of the deal from a Takeover Code perspective; (ii) competition law aspects; (iii) diligence and finalisation of the transaction documents to the extent it related to Eros India; and (iv) assistance on certain indirect tax issues, intellectual property and data privacy related aspects”.
Kirkland Ellis acted for STX.
Gibson Dunn acted for Eros.
2020-04-17
Deal value: Confidential
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Anyway, good job guys! When you go for an Eros STX movie on a post-Coronavirus date night, you can at least tell your non-lawyer date that you “created” the studio that made the movie – strongly advise not to try pulling off this one on other transactional lawyers, may backfire!
On a more serious note, a basic level of honesty in your deal reports would take you a long way in stopping people from spreading "venom" (aka the truth), please request your BD teams to not go overboard.
Eros-STX is specially problematic because neither party has any real assets in India - unlike say, Fox-Disney, which had substantial assets in india and needed CCI clearance. So AZB celebrating the latter is alright, but the former should just be an accounting entry. I'm actually disappointed to see S&R do this. They are supposed to be better than Khaitan, more professional and so on..
Release: www.businesswire.com/news/home/20200417005565/en/Eros-International-STX-Entertainment-Combine-Creating-Global
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