AZB & Partners advised EQT AB on the acquisition of 100% equity stake in BPEA
EQT AB (“EQT”) has entered into an agreement to combine with Baring Private Equity Asia (“BPEA”) (the “Transaction”), a leading private markets investment firm in Asia.
The Competition Commission of India (CCI) approved (i) EQT AB’s (EQT) acquisition of BPEA including its subsidiaries (BPEA Group) and, to the extent not already owned by the BPEA Group, 100% of the general partner entities (GPs) (BPEA Group and GPs are collectively referred to as Target); and (ii) Jean Eric Salata Rothleder’s (BPEA Founder) acquisition of up to 9.9% of the equity shareholding of EQT, under Section 31(1) of the Competition Act, 2002.
The Proposed Combination pertains to (i) an acquisition (including by way of merger) of all the shares and sole control by EQT, indirectly through one or more wholly owned subsidiaries, of the BPEA Group and, to the extent not already owned by the BPEA Group, control of the GPs which control each of the funds managed or advised by the BPEA Group (or its affiliates) and (ii) BPEA Founder acquiring up to 9.9% of the equity shareholding of EQT.
EQT is a purpose-driven global investment organization focused on active ownership strategies. The EQT group comprises of EQT and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds and entities advising EQT funds.
The BPEA Group, dual-headquartered in Hong Kong and Singapore, is a pan – Asian private markets firm. The BPEA Group and its affiliates advise private equity funds active in several different markets, including technology, education, business services, manufacturing, logistics, healthcare and consumer sectors.
AZB & Partners advised EQT in relation to the Indian entities of the Target and on the Indian regulatory approvals required for the transaction.
The value of the transaction is INR 570 billion / approx. USD 7.5 billion.
The team from AZB & Partners comprised of Gaurav Bansal, Partner and Shivam Jha, Senior Associate.