Engineering giant, Larsen and Toubro Ltd (L&T) has entered into a definitive agreement with UK-based subsidiary of Colfax Group, ESAB Holdings, to sell 100% stake of its wholly owned unlisted subsidiary EWAC Alloys, for a total consideration of Rs. 522 crores ($80.6m) as reported by Livemint & Moneycontol. The transaction is a part of L&T group’s strategy to divest from their non-core business and is expected to be completed within 60 days from the date of execution of the share purchase agreement.

Link Legal advised and represented Larsen and Toubro and was led by partner Manish Gupta, associate partner Alok Sonker, senior associate Shivam Tandon and associate Keya Salot.

Singapore-based, Gibson Dunn & Crutcher worked as the legal adviser to the acquirer ESAB and was represented by partner Jai Pathak and associate attorney Karthik Ashwin Thiagarajan.

ESAB offers a huge range of products and solutions for welding and cutting process and was acquired by Colfax Corp., a diversified industrial manufacturing company based in the US in 2012.

2017-10-11