Dua Associates advised ACL Mobile and its sellers on an agreement for the company’s US$70 million (₹5.35 billion) sale on 15 June to Sinch, a Swedish provider of cloud communications for mobile customers.
Dua Associates’ team comprised technology, media and telecom partners Munish Sharma and Gunjan Malviya, senior adviser Sunil Malik and associate Rashi Jain. This was the firm’s first major deal conducted entirely online, and according to Sharma employed “a more practical approach of providing bank guarantees” as security for indemnity claims instead of holdbacks, which are more typically used.
In a comment to India Business Law Journal on doing the deal online, Sharma said: “The use of technological platforms saved time and money by breaking distance barriers … When there is more time to think and ponder, it sometimes results in inordinate delays, and the end result is not always beneficial.”
Trilegal advised Sinch, with its team comprising partners Harsh Pais and Arnav Dayal, senior associate Shashwath Kumar and associate Varsha Nair.
The deal, which does not require any regulatory clearances, is expected to close in mid-July.
The acquisition of ACL Mobile, which provides cloud communications services in India and Southeast Asia, is Sinch’s third acquisition in the past few months. In May, the company announced the US$252.88 million acquisition of SAP Digital Interconnect, and in March it bought Wavy, a messaging provider in Brazil.