AZB, Khaitan assist major acquisition by Schneider and Temasek

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AZB & Partners advised Schneider Electric, and Khaitan & Co advised MacRitchie Investments, an investment holding company of Temasek Holdings, when the two companies partnered to acquire Larsen & Toubro’s electrical and automation business in a deal that was completed on 31 August.

Shardul Amarchand Mangaldas & Co (SAM) advised Larsen & Toubro on the corporate and competition law aspects of the US$2.1 billion deal, which was announced on 1 May 2018 and was given the go-ahead, subject to certain modifications, by the Competition Commission of India (CCI) on 18 April 2019.

Trilegal represented Schneider and MacRitchie in securing the CCI approval, while Bredin Prat acted for Schneider on the international competition aspects, and Cleary Gottlieb acted for MacRitchie on the international competition aspects.

“It took two years from signing to closing because of the number of conditions precedent that needed to be satisfied, including regulatory and third-party approvals/consents,” Ashwath Rau, a partner who led the AZB & Partners team, told India Business Law Journal.

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