Khaitan & Co advised Everstone Capital on acquisition of Qlar Group from BCP Pinot S.à r.l (Blackstone entity)
The leading law firm in India, Khaitan & Co advised Everstone Capital Asia Pte Ltd in its 100% acquisition of the Qlar Group from BCP Pinot S.à r.l., a Blackstone Inc. entity, for an approximate deal value of USD 150–200 million.
The transaction was structured as a multi-step leveraged buy-out involving multiple jurisdictions, including India, Germany, and the Netherlands. It was financed through a combination of equity and debt, including external commercial borrowing (ECB) and domestic borrowing.
The deal featured bespoke three-stage sequenced closing mechanics tailored to the acquisition structure, involving complex multi-jurisdictional and multi-currency fund flows with precise intraday timing requirements, making the transaction highly complex and structurally distinctive.
The Firm advised on the following aspects:
- Negotiation and finalisation of the global share purchase agreement (from an Indian law standpoint) and share purchase agreements governing the acquisition of Indian companies
- Acquisition financing, including ECB and INR term loan structuring and documentation
- Assistance with closing of the transaction
The Khaitan & co transaction team was led by Bharat Anand (Senior Partner), Tanvi Kumar (Partner), Aayush Thapar (Principal Associate), Nidhi (Senior Associate), and Gunjan Garg (Senior Associate). The acquisition financing team included Prateek Desai (Partner), Kevin Sebastian Joseph (Principal Associate), Sonalika Ahuja (Principal Associate), and Ashwin Balaji S (Associate). The direct tax team included Ritu Shaktawat (Partner), Bharat Jain (Principal Associate), and Krishnal Shailesh Agrawal (Associate). The competition law team included Pranjal Prateek (Partner) and Armaan Gupta (Principal Associate). The closing and due diligence support team included Aditya Raj Yadav (Principal Associate), Nipun Laroia (Senior Associate), and Aditi Sannidhi (Associate).
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