Khaitan & Co spearheaded and assisted Crompton Greaves Consumer Electricals Ltd in acquisition of up to 55% shareholding of Butterfly Gandhimathi Appliances

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HEADINGS

DETAILS

1.

Sector

 Consumer Durables

2.

Announcement Date

22-Feb-2022 (Signing date)

3.

Completion Date

4.

Name of Client

Crompton Greaves Consumer Electricals Limited

5.

Acquirer Details

Crompton Greaves Consumer Electricals Limited  | India

Leading manufacturers of consumer products in India with a 90+ years old brand legacy

6.

Target Details

Butterfly Gandhimathi Appliances Limited | India

Butterfly is engaged in the business of manufacturing, marketing,
distributing and supplying household appliances under the brand name of “Butterfly”

7.

Deal Description

Acquisition of up to 55% of the shareholding of Butterfly Gandhimathi Appliances Limited by Crompton Greaves Consumer Electricals Limited

8.

Total Consideration

INR 2,046.25 crores comprising of secondary purchase worth INR 1379.68 crores from promoters and open offer worth INR 666.57 crores

9.

Team Members

The core team consisted of Sudhir Bassi (Executive Director), Aravind Venugopal (Partner), B N Vivek (Principal Associate) and Aarthi Sashikumar (Associate) with assistance from the following:

Carrying out the open offer process and documentation: Arindam Ghosh (Partner), Gaurav Malhotra (Principal Associate), Anvita Mishra (Senior Associate), Gaurang Mansinghka (Associate)

Real Estate aspects of the transaction: Arva Merchant (Partner), Kartik Shiv Kumar (Principal Associate), Aditya Mukerjee (Associate), Annapoorani Ganapathy (Associate)

Intellectual Property aspect of the transaction: Shailendra Bhandare (Partner), Sourav Dan (Principal Associate), Rhea Ghanshani (Associate)

Employment law aspect of the transaction: Vinay Joy (Partner), Srishti Ramkrishnan (Senior Associate), Aditya J Nair (Associate)

Competition law aspect of the transaction: Anisha Chand (Partner), Tanveer Verma (Senior Associate)

Due diligence and other corporate aspects: Aditi Vasani (Associate), Balashri Jalgar (Associate), Hemandu Aswal (Associate), Kritika Dobhal (Associate), Parmeet Singh (Associate)

10.

Role of Firm

Spearheaded the deal and represented and assisted the acquirer, Crompton Greaves Consumer Electricals Limited throughout the life cycle of the deal

11.

Other legal advisors if any with names of Lead Lawyers

Cyril Amarchand Mangaldas

12.

Unique Feature of Transaction

A significant consolidation in the consumer appliances space, bringing together two of India’s most iconic brands in this space

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