Shearman refers Luthra role in $260m Aditya Birla Canadian BPO sale

Friday, 7 February 2014 By Legally India Corporate M&A

Luthra & Luthra and Shearman & Sterling advised Capital Square Partners, CX Partners and a group of investors led by them, in buying Canada-based business process outsourcer Aditya Birla Minacs Worldwide. Aditya Birla Minacs was advised in house.

Its parent Aditya Birla Nuvo will divest Aditya Birla Minacs at an enterprise value of $260m (Rs1600 crore), reported Mint.

Luthra Mumbai partners Bikash Jhawar and Amit Shetye, senior associate Rohan Shah and associates Satadru Goswami, Avinash Subramanian and Aastha Suman acted for teh investors.

Shearman partner Sidharth Bhasin was international counsel on the deal, which referred the matter to Luthra, said Jhawar.

The $40-billion telecom-to-retail Aditya Birla Nuvo group is exiting from the IT and ITeS business with this sale, as Minacs is yet to become a dominant player in its core businesses, according to the Economic Times. Jhawar said that the deal should close in the next 45 to 60 days.

Luthra & LuthraShearman & SterlingL&L Partners

Comments

Guest 7 Feb 2014, 15:21
+7 -1
For all the negative publicity about Luthra, they seem to be doing a host of big deals - good going!!
green lantern 9 Feb 2014, 05:07
+1 -0
the foreign firm to domestic firm referral background to deals is rare to find out- though very common. no domestic firm likes to accept that any or a lot of its work is via referral for various reasons inluding ego. good reporting on the referral bit and wonder why luthra actually shared this referral angle if it did with LI.
Insider 10 Feb 2014, 18:30
+1 -0
Its shocking that the report does not make mention of Wadia Ghandy who acted for the main acquirer, CX Partners, on this deal.
Guest 11 Feb 2014, 04:03
+0 -0
Irresponsible reporting! CX was represented by Wadia Ghandy & Company.
jiji 12 Feb 2014, 09:06
+0 -0
and more shocking that it does not mention Allen & Overy who are acting for the Lenders
kianganz 12 Feb 2014, 09:11
+0 -0
We've tried to get a comment from WG to confirm, but have not heard at the moment.

Luthra had said there were no other advisers on the deal.

Once we confirm we'll update the story or issue a correction / clarification, as appropriate.
Cheap 14 Feb 2014, 09:49
+1 -0
Just shows how cheap and insecure Luthra are. Similar practice also followed by AMSS.
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