ALMT Legal, Argus Partners and AZB & Partners have counselled parties involved in the sale of Haymarket SAC (India) to online used car platform Spinny for an undisclosed amount.
Argus Partners is representing Spinny, which acquired 100% of the automotive titles under Haymarket SAC (India) from Haymarket UK as well as shareholders Hormazd and Naheed Sorabjee.
The transaction involved a structured cash-and-equity arrangement, along with a brand licensing component to ensure continued business operations under the established brand identity.
ALMT Legal senior partner Ryna Karani and partner Siddhi Ghatlia led the transaction team, with assistance from principal associate Khusbu Jasani, senior associate Meherdad Kavarana, and associates Palak Shah and Natiana Godinho.
The team advised on structuring, negotiations and finalisation of key transaction documents to ensure smooth closure of the deal.
AZB & Partners represented the Sorabjee family, with senior partner Nandish Vyas leading the team. Senior associates Karun Jhangiani and Tanay Chopra, and associate Tarini Mehtani were also key personnel on the team.
Senior partner Rushabh Maniar, as well as associates Vartika Sharma and Pranav Mattapalli worked on FDI approval, while senior partner Nohid Nooreyezdan and partner Vikram Shroff dealt with the employment law aspects.
Haymarket SAC is a joint venture between Haymarket UK and the Sorabjee family. Hormazd Sorabjee, managing partner at Haymarket SAC, will continue to oversee the flagship automotive publications Autocar India, Autocar Professional and What Car? India.
Spinny is a subsidiary of Valuedrive Technologies.
