Veritas Legal Advised Excel Telesonic, Bombay Gas Company & Ameyasoft Technologies
The Veritas Legal advised and represented Excel Telesonic India Private Limited, Bombay Gas Company Private Limited, Ameyasoft Technologies Private Limited, Mr. Ashish Jalan and Mr. Sushil Jalan (collectively referred to as the ‘Sellers’) acquired by the corporate advisory, Macquarie Capital.
The Macquarie Capital, capital markets, and principal investment arm of Macquarie Group, has acquired majority shareholding of more than 51% stake in Excel Telesonic India Private Limited for about $100 million, by way of secondary acquisition of shares and primary investment.
CloudExtel provides solutions for telecom operators, internet service providers, data centres, enterprises and large content providers to equip them with cost effective futureproof networks. Promoted by Bombay Gas and telecom expert Kunal Bajaj, CloudExtel, which was founded in 2014, claims to help decongest networks to deal with the surge in data utilization in a populated country like India.
The Merger & Acquisition, Private Equity together with Banking & Finance practice of Veritas Legal advised and acted for the sellers in the transaction.
The transaction team was led by Abhijit Joshi (Founding and Managing Partner) for strategic inputs, Manav Raheja (Senior Partner) and Kanisha Vora (Partner) for the M&A law related aspects and Jhinook Roy (Partner) for the financial related aspects in the transaction.
The team also received support from Mr. Avadhoot Potnis (Associate), Ms. Eshika Maji (Associate) and Ms. Aashna Soman (Associate) for the M&A law related aspects.
Mr. Junaid Lirani and Mr. Sunil Neelkantan advised on the Debt Restructuring aspects of the deal.
The transaction was announced on 12th May, 2023 and completed on 16th May, 2023.
Shardul Amarchand Mangaldas and Allen & Overy acted for Macquarie Capital.