Simpson Thacher & Bartlett and Cyril Amarchand Mangaldas are advising private equity firm KKR on its acquisition of a 60 percent stake in Indian waste management company Ramky Enviro Engineers Limited (REEL), which was counselled by Link Legal India Law Services.
According to KKR, this is one of the biggest private equity buyouts in India, and the first private equity buyout in the country's environmental services sector. It is also being advised by WongPartnership on Singapore law and Simmons & Simmons on Middle East law.
REEL is India’s largest integrated waste management and recycling company with operations in India, Southeast Asia and the Middle East. The $530 million deal gives an enterprise value of $925 million, said Reuters.
Reuters added that the deal comes at a time when the country is focused on reducing pollution and improving sanitation infrastructure via its Swachh Bharat (Clean India) Mission. The main aim is to end open defecation by October 2019 by building individual and public toilets.
The Cyril Amarchand Mangaldas which acted for KKR was led by partners Reeba Chacko, Shishir Vayttaden and Vishak Abraham. Partner Ramanuj Kumar advised on certain regulatory aspects while partners Avaantika Kakkar and Bharat Budholia advised on the competition law aspects of the transaction.
Link Legal also advised the promoters on this deal.
KKR is a long-term client of Simpson Thacher. Just a month ago, the law firm advised a KKR-led consortium on its $1.56 billion acquisition of Taipei-listed LCY Chemical, and in April, it advised the private equity firm on its first-ever sale of yen bonds.
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