11 Asian Legal Business | January-February 2025 DEALS $1.2 bln Hexaware Technologies’ IPO Deal Type: IPO Firm: Latham & Watkins; Shardul Amarchand Mangaldas & Co Jurisdiction: India $945 mln Vishal Mega Mart’s IPO Deal Type: IPO Firms: Cyril Amarchand Mangaldas; Shardul Amarchand Mangaldas & Co; Sidley Austin; Trilegal Jurisdiction: India $482 mln Jsquare Electrical Steel’s acquisition of ThyssenKrupp Electrical Steel India Deal Type: M&A Firms: AZB & Partners; Cyril Amarchand Mangaldas; Luthra and Luthra Law Offices Jurisdictions: India, Germany, Japan $400 mln Bain Capital’s investment in Dhoot Transmission Group Deal Type: M&A Firms: AZB & Partners; Kirkland & Ellis; Trilegal Jurisdictions: India, U.S. $350 mln Kedaara Capital’s investment in Impetus Technologies Deal Type: M&A Firms: Akin Gump Strauss Hauer & Feld; DLA Piper; Kelley Drye & Warren; Kirkland & Ellis; Linklaters; Quillon Partners Jurisdictions: India, U.S. $350 mln Hindustan Unilever’s acquisition of Minimalist Deal Type: M&A Firms: Cyril Amarchand Mangaldas; IndusLaw; Khaitan & Co, Trilegal Jurisdictions: India Hindustan Unilever’s majority acquisition of bootstrapped premium skincare brand Minimalist, the first large M&A Deal Type in India this year, could trigger a race for consolidation in the skincare space as competitors Mamaearth and Plum turn to inorganic growth to keep their share in the market. This Deal Type highlights a convergence of macro-economic trends: Rising disposable incomes, digital-first shopping habits, and an obsession with ingredient-conscious products. For the broader M&A landscape, it telegraphs that traditional companies are willing to pay premium valuations for brands that have cracked the youth code. The Deal Type also sets a significantly high precedent for exits for founders and bootstrapped companies in this space. $2.3 bln ONGC NTPC Green’s acquisition of Ayana Renewable Power Deal Type: M&A Firms: Cyril Amarchand Mangaldas; JSA; Khaitan & Co Jurisdictions: India, UK $2 bln Adani Enterprises and Adani Commodities’ exit from Adani Wilmar Deal Type: M&A Firms: Cyril Amarchand Mangaldas; Khaitan & Co Jurisdiction: India $1.5 bln JSW Energy’s acquisition of O2 Power from Temasek and EQT Infrastructure Deal Type: M&A Firms: A&O Shearman; Herbert Smith Freehills; Khaitan & Co; Trilegal Jurisdictions: India, Singapore
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