Everstone Capital Asia Pte Ltd - Acquisition of the Qlar group, from BCP Pinot S.à r.l

Khaitan & Co advised Everstone in its 100% acquisition of the Qlar group, from BCP Pinot S.à r.l., a Blackstone entity, for an approximate deal value between USD 150-200 million. The transaction was structured as a multi-step leverage buy-out, involving several jurisdictions including India, Germany and The Netherlands. The transaction was financed through a combination of equity and debt (including both external commercial borrowing and domestic borrowing).

The bespoke three-stage sequenced closing mechanics, tailored to the acquisition structure, entailed a multi-jurisdictional, multi-currency funds flow subject to precise intraday timing requirements, rendering the transaction both operationally complex and structurally distinctive.

The Firm advised on negotiating and finalising the global share purchase agreement (from an Indian law standpoint) and the share purchase agreements governing the acquisition of the Indian companies. The Firm also advised on the acquisition financing aspects of the deal, comprising of the ECB as well as the INR term loan, and assisted with the closing of the transaction.