Direct Tax

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 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 advised India-based PB Healthcare Services Pvt Ltd, in relation to its acquisition of Noida-based Muskan Medical Centre Pvt Ltd (dba as Neo Hospital).

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 Hexaware Technologies Ltd, a listed Indian entity, and its affiliate, in relation to 100% acquisition of Target Entities (i.e., Cybersolve (I) India Pvt Ltd, Identity and Access Solutions LLC, IT Gliterz LLC, Identity and Access Solutions Canada, Inc.) from IAAS Holdings LLC, IT Gliterz Holdings LLC, Anushree Agarwal and Neha Agarwal for a total consideration of USD 66 million.

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.