Service: Merger & Acquisition

Exclusive Financial Advisor to Magenta Mobility for Private Equity Fund Raise

Company Highlights:

  • Magenta Mobility is amongst the largest providers of electric mobility solutions for last mile delivery
  • Specializes in the electrification of logistics and last-mile delivery – the journey from a distribution centre to a home or business
  • Presence across seven major cities with 750+ fleet and 35 +charging hubs
  • Has an eco-system approach to provide solutions to all – customers, driver partners, OEMs and financiers
  • Plans to expand their fleet to 4,000 3 & 4 wheelers EVs across the country over the next year

Our Contribution:

  • Exclusive financial advisor to Magenta Mobility, bringing in marquee investors – bp Ventures & Morgan Stanley Infrastructure Partners
  • One of the largest fund raise in the electric mobility space

Exclusive Financial Advisor to HCC Concessions Ltd. for sale of Baharampore Farakka Highways Ltd.

Deal Highlights:

  • HCC Group sold 100% stake in Baharampore Farakka Highways Ltd (BFHL) to Cube Highways and Infrastructure V Pte. Ltd. (Cube Highways) for an enterprise value of INR 13,230 m
  • Apart from the equity valuation of INR 6,770 m, HCC is entitled to an additional earnout of maximum INR 2,640 m contingent on traffic performance, payable by Q3 FY’24 and Q1 FY’25 in 2 tranches
  • We assisted HCC in closing the transaction through effective deal structuring and negotiations to ensure value maximization

About HCC Concessions Ltd.:

  • HCC Concessions Ltd., a subsidiary of HCC Limited, is a leading developer in transport infrastructure concessions
  • BFHL is a subsidiary of HCC Concessions which operates a DBFOT Toll project between Baharampore and Farakka section of NH 12 in the State of West Bengal
  • The 101 km highway connects Kolkata and port of Haldia to North Bengal and North Eastern states of India

Financial Advisor to Curatio Health Care on its Acquisition by Torrent Pharmaceuticals,Largest M&A in Indian Dermatology Sector

Deal Highlights:

  • Acquisition of 100% stake in Curatio Health Care (I) Private Limited (Curatio), a pure-play dermatology company, by Torrent Pharmaceuticals Limited (Torrent Pharma). Provided exit to the existing PE investors Sequoia Capital and ChrysCapital
  • With this acquisition, Torrent Pharma will be ranked among top 10 players in dermatology and a leader in cosmetic dermatology
  • Transaction was consummated at an equity value of INR 2,000 crs
  • We led the positioning efforts, Advised the company through the complex M&A process, guided on deal contours and helped garner strong interest from potential investors

About Curatio Health Care (I) Private Limited

  • Largest pureplay Indian dermatology company primarily focused on cosmetic dermatology with a portfolio of 50+ brands
  • Leadership position in pediatric dermatology which contributes c.60% to its total revenue*
  • Portfolio consists of leading brands such as Tedibar, Atogla, Spoo, B4 Nappi, and Permite, which are ranked amongst top 5 brands in their respective markets

*FY22 revenue

Exclusive Financial Advisor to Malpani Group on Acquisition of Imagicaaworld Entertainment Limited, India’s Largest Themed Entertainment Park*

Deal Highlights:

  • Malpani Group (MPG), a diversified group having leading presence in theme parks business, has acquired Imagicaaworld Entertainment Ltd. (IEL)
  • Acquisition consummated through a debt resolution process, outside of NCLT, under RBI’s Framework for Resolution of Stressed Assets
  • MPG acquired c.66.25% stake in IEL through preferential issue of shares worth INR 4,150 mn
  • Additional consideration structured in form of equity shares and redeemable preference shares
  • This transaction marks one of the few successful resolutions under the RBI Framework for Stressed Assets. Deleveraging of balance sheet has enabled value preservation for equity shareholders, management and employees of IEL

*In terms of area

Our Contribution

  • Played the crucial role of hand-holding the client through the complex M&A process involving multiple stakeholders including consortium of 10 lenders and ARC, in addition to IEL shareholders and management
  • Devised a transaction structure, within the ambit of the applicable regulations, creating a win-win outcome for all stakeholder – MPG, lenders and IEL management
  • Negotiated valuation and commercial terms with lenders and IEL shareholders on behalf of MPG

*In terms of area

Advisor to HDFC Bank Limited in their merger with HDFC Limited

Exclusive financial advisor to Vodafone Idea Business Services for the strategic sale of data-center land asset to STT Global

Exclusive Financial Advisor to the Airports Company South Africa (ACSA) for the sale of their stake in Mumbai International Airport Limited (MIAL) to Adani Airport Holdings Limited (AAHL)

Deal Highlights

  • We acted as sole and exclusive transaction advisor to ACSA on sale of its stake in MIAL to AAHL for a consideration of INR 6,750mn along with transfer of Airport operator rights to MIAL
  • Successful and profitable exit for ACSA generating significant liquidity despite facing multiple unexpected challenges post signing Share Purchase Agreement in March 2019
  • ACSA has made excellent returns on their investment, setting a precedent and paving the way for more foreign investors to be a part of India’s infrastructure growth story
  • AAHL has also acquired stake from other shareholders and will hold 74% stake in MIAL- it will catapult Adani Group to become the second largest airport operator in India*

Our Contribution

  • We uniquely positioned itself on the sell-side for ACSA, the leading South African airport operator, and seamlessly managed the entire transaction process from India
  • End-to-end project management including coordination with multiples bidders, legal advisors, senior counsels, solicitors, valuation advisors and commercial bankers to ensure timely completion
  • We played the crucial role of hand-holding the client through the myriad challenges faced during the transaction including multiple litigations delaying the process

This is our 5th transaction in the aviation sector including sale of stake in Bangalore airport; sale of stake in Spicejet, open offer for Air Deccan along with work done for leading global ground handling operators and MROs

* In terms of passenger traffic handled

Exclusive Financial Advisor to 3i Infotech for the sale of their Software Product Business Division to Apax Partners

Deal Highlights:

  • The deal involves strategic sale of 3i Infotech Limited’s software product division via slump sale to a newly formed company named ‘Azentio Software’, wholly owned by PE funds advised by Apax partners
  • The proceeds from the transaction will be used for repayment of all current debt and scaling up the existing IT Services business of 3i Infotech

Our Contribution:

  • We led the deal end-to-end  identifying the potential investors, assisting in transaction structuring, negotiations, due-diligence and legal documentation
  • Advised the Company, Board of Directors and other Stakeholders to arrive at the most optimum transaction structure. Also, we assisted the Company in obtaining the requisite statutory and internal approvals

About 3i Infotech Limited:

  • 3i Infotech is a Global Technology Company listed on Indian Stock Exchanges. It provides IP based software solutions and a wide range of IT services across BFSI, manufacturing, telecom and other verticals. They cater to 1,200+ customers across APAC, South Asia, Middle East & Africa, Kingdom of Saudi Arabia, Western Europe and North America 

Exclusive Financial Advisor to Precision Automation and Robotics India (PARI) for the sale of majority stake to Wipro Enterprises

Deal Highlights:

  • The deal involves Wipro Enterprises, a leading Indian conglomerate signing definitive agreements to acquire controlling stake in PARI
  • The combined capabilities would help broaden Wipro Enterprises’ current offerings in industrial automation and help PARI tread the path of rapid growth by expanding its global footprint and deepening its market reach and customer relationships in India and overseas
  • The deal further strengthens our IB’s Industrial franchise and once again demonstrates our ability to close marquee deals for quality clients, independent of the market environment

About PARI:

  • PARI is India’s largest industrial automation solutions provider with offices in India, USA and Germany and has delivered 1,500 automation solutions to 75+ customers. It has marque global clients in automotive(traditional powertrain and EVs), real estate, banking, logistics, material handling & manufacturing sectors
  • PARI has 30+ years of experience in offering world class Industry 4.0 solutions to worlds leading automotive brands like Ford, Ferrari, FCA, Renault Nissan, M&M, BMW, Tata, Hero among others.

Sole Financial Advisor to the shareholders of Eclipse Global Holdings LLC (Personiv) for strategic sale to eClerx Services Limited

Deal Highlights:

  • This strategic acquisition will further strengthen eClerx’s position in North American market, and provide additional delivery center capabilities in India and Philippines
  • Long term relationship of Personiv with top clients will diversify eClerx’s customer mix and ability to further mine these clients
  • The acquisition is EPS accretive and will help eClerx leverage synergies in the digital and customer experience services segment
  • Key management team of Personiv will continue to lead the business and become a part of eClerx’s Senior leadership team

Our Contribution:

  • We assisted Personiv in identifying and shortlisting the strategic partners globally with strong client-centric culture similar to Personiv
  • Maximize the value for all stakeholders by bringing strategic synergies between Personiv with eClerx on various parameters, such as a specialist Digital BPM player, cross sell capabilities, North American market expansion, delivery center capabilities across geographies, management team, etc.

About Eclipse Global Holdings (Personiv)

Eclipse Global Holdings (Personiv) is a US based provider of digital BPM services with specialization in the outsourced accounting space

About eClerx Services Limited:

eClerx is a leading provider of business process management, analytics, and automation services to a number of Fortune 2000 enterprises