Deals in brief

Deals in brief | India Business Law Journal

Quad/Graphics buys Periscope

American printing company Quad/Graphics acquired Minnesota-based advertising agency Periscope and its subsidiaries in Hong Kong and India in an all-cash deal reportedly worth US$132 million.

Khaitan & Co was the India legal counsel to Quad/Graphics and DMD Advocates was the India adviser for Periscope on the sale. Khaitan provided assistance on the Indian law aspects of the transaction by way of legal due diligence, transactional documentation and negotiation and monitoring the closing processes

The Khaitan & Co team was led by partner Rabindra Jhunjhunwala, counsel Stuti Galiya, senior associate Avantika Govil, associates Yamini Kumar and Subramanian Ramaswamy. Partner Ritu Shaktawat and associate Sneh Shah provided assistance on the direct tax aspects of the deal.

DMD Advocates’ team comprised partner Sumit Sinha, principal associate Raja Kishore, and associate Kaushal Prabhat.

US law firm Moss & Barnett advised Periscope, supported by Guantao & Chow on Hong Kong matters. Quad/Graphics was represented by US law firm Reinhart Boerner Van Deuren s.c., Eversheds Sutherland was the international deal counsel and Molitor Avocats à la Cour SARL. was the Netherlands counsel

Fractal stake sale to apax

London-based private equity company Apax Partners picked up a more than 40% stake for US$200 million in Indian data analytics firm Fractal Analytics.

The deal was a mix of primary and secondary transactions, which saw its largest shareholder Khazanah Nasional, the Malaysian sovereign wealth fund, exit its shareholding. Other shareholders such as TA Associates, AIMIA Proprietary Loyalty Singapore also sold their stake to Apax in the deal.

Apax will hold more than 40% of the voting share capital of Fractal Analytics, which has now been valued at about US$500 million.

Fractal Analytics, which was founded in 2000, provides big data-based analytics solutions to sectors such as consumer and packaged goods, retail, financial services, healthcare, insurance and technology, media and telecoms.

AZB & Partners was the legal adviser to Apax. The AZB team was led by partners Ashwath Rau and Divya Mundra, along with senior associate Pranav Atit.

Minda acquires KPIT subsidiary

Minda Industries, the flagship company of auto components maker UNO MINDA Group, acquired KPIT Engineering’s telematics business, Impact Automotive Solutions.

The telematics business makes hardware products such as vehicle tracking systems, on-bus integrated telematics systems (OBITS) that comply with India’s urban bus specifications (UBS-II).

The deal, signed in January this year, will involve an initial payment of approximately ₹250 million (US$3.4 million) and milestone-related payments based on performance (earn-out payments) over the next two years and six months.

For KPIT Engineering, which specializes in embedded software, Al and digital solutions for the automotive and mobility industry, the sale is part of its strategy to focus on software development and integration for mobility.

Khaitan & Co was the legal adviser to Minda Industries. Khaitan’s role involved conducting legal due diligence on KPIT Engineering and Impact Automotive Solutions. Drafting, negotiating and finalizing the definitive documents for the purchase of the telematics business.

The core transaction team included partner Bharat Anand, senior associate Nimisha Trehan and associate Arpita Maheshwari. Associate Akshay Sharma assisted with legal due diligence, while counsel Shailendra Bhandare and associate Sourav Dan helped on intellectual property aspects of the deal.