Competition / Antitrust

Khaitan & Co acted as legal advisors for responsAbility, a Europe-based private equity fund, FMO, a Netherlands based fund and Incofin Foundation, a Belgium based foundation in their acquisition of minority stake in Ace International Ltd (parent of Mahaan Milk Foods Ltd), a North India-based dairy products exporter as a part of equity funding round from impact investors to enhance its production and procurement capabilities.

Khaitan & Co advised the Wilmar Group on the acquisition of 13.00% in AWL Agri Business Ltd (formerly known as Adani Wilmar Ltd) held by Adani Group for a total consideration of USD 525.61 million. The firm advised on legal aspects of the transaction, negotiation and finalization of the transaction documentation.

Khaitan & Co advised BirlaNu Ltd, a listed company of the CKA Birla Group, in relation to its 100% acquisition of the equity share capital of Clean Coats Pvt Ltd, for a cash consideration of up to INR 120,00,00,000 (Indian Rupees One Hundred and Twenty Crores). 

The Firm acted as the legal counsel to BirlaNu for the entire transaction and conducted a legal due diligence on Clean Coats and advised on the transaction documents including the share purchase agreement, completion and regulatory and listed company aspects.

Khaitan & Co advised Siemens Ltd in relation to the sale and transfer of the low voltage motors and geared motors businesses, including the related customer service operations of Siemens Ltd to Innomotics India Pvt Ltd, a global leading provider of electric motors and large drive systems, as a going concern by way of a slump sale, for a consideration               (enterprise value) of INR 2,200 crore, on a cash-free, debt-free basis, subject to mutually agreed adjustments. 

Khaitan & Co advised the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investors, on its investment in the KKR-backed education platform Lighthouse Learning Group (formerly EuroKids International). This investment was made alongside a related follow-on investment by KKR. 

The Firm supported PSP Investments on the transaction, including advising on the investment structure, conducting legal due diligence, and assisting with the transaction documentation.

Khaitan & Co assisted the Wolters Kluwer Group, a global leader in professional information, software, and services for the healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG sectors, on the divestment of their India Financial Risk and Regulatory Reporting (FRR) Business to Regnology Group GmbH. 

Khaitan & Co advised JSW Ispat Steel Ltd in relation to the transfer of the steel business of Bhushan Power and Steel Ltd by way of a slump sale for a cash consideration of INR 24,483 crores and investment of a total of INR 15,750 crores by JFE in two tranches; and (c) Joint venture between JSW Steel Limited and JFE in the business.

Khaitan & Co advised Viatris Inc., a global pharmaceutical company, on it’s proposed sale of shares held in Biocon Biologics Ltd (“BBL”) for cash + swap of shares with shares in Biocon Ltd (“BL”), through a preferential allotment by BL. Biocon will acquire the stake held by Mylan Inc. (“Viatris”) for a total consideration of USD 815 million, of which USD 400 million will be payable in cash and USD 415 million through a share swap of BL shares.

The firm advised Viatris on Indian aspects of structuring and transaction documentation.

Khaitan & Co advised CBRE Group, Inc. in relation to acquisition of Pearce Services LLC, a leading provider of advanced technical services for digital and power infrastructure, from New Mountain Capital. The initial purchase price is approximately $1.2 billion in cash plus a potential earn-out of up to $115 million, subject to Pearce meeting certain performance thresholds in 2027. 

The Firm assisted Sullivan & Cromwell with respect to the due diligence, review of transaction documentation, regulatory advisory, and overall transaction advisory.

Khaitan & Co advised and assisted Jindal Power Ltd on securing an unconditional approval from the Competition Commission of India for its proposed acquisition of Jaiprakash Associates under the ongoing CIRO process.