Khaitan & Co advises Space Teleinfra Private Limited for sale of 100% shareholding by the existing shareholders to Data Infrastructure Trust

Space Teleinfra Private Limited | Sale of 100% shareholding





1. Sector TMT: Telecom equipment
2. Announcement Date 20-Jul-2021
3. Completion Date 10-Mar-2022
4. Name of Client Space Teleinfra Private Limited
5. Acquirer Details Data Infrastructure Trust acting through its trustee Axis Trustee Services Limited. The Investment Manager is Brookfield India Infrastructure Manager Private Limited | India
6. Target Details Shareholders of Space Teleinfra Private Limited | India
7. Deal Description Advised Space Teleinfra Private Limited in relation to sale of 100% shareholding by the existing shareholders to Data Infrastructure Trust (backed by Brookfield, GIC and British Columbia) USD 117.32 million and additional milestone-based consideration.
8. Total Consideration INR 8,99,76,00,000 (USD 117.32 million)
9. Team Members The transaction was led by Prasenjit Chakravarti (Partner). The core team comprised of Prasenjit Chakravarti (Partner), Nitish Goel (Principal Associate), Nimisha Trehan (Principal Associate) and Pulkit Chaturvedi (Senior Associate). The team was assisted by Harsh Walia (Partner) and  Shobhit Chandra (Principal Associate) on telecom sector regulations, Sudhir Bassi (Executive Director), Vivek Mimani (Partner) and Navodita Gupta (Principal Associate) on securities exchange and InvIT regulations, and Atul Pandey  (Partner) on regulatory aspects.
10. Role of Firm End to end advise on the transaction including advising on structuring of the transaction, preparation, negotiation and finalisation of the securities purchase agreement and services agreement and closing of the transaction. Obtaining informal guidance from SEBI for structuring of the transaction.
11. Other legal advisors if any AZB and Partners were legal advisors to the Purchaser / Acquirer.
12. Unique Feature of Transaction The Purchaser is an Investment Infrastructure Trust and the structuring of the transaction was required to be in accordance with the regulations of the Securities and Exchange Board of India (including the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014). The consideration for the transaction comprises of cash consideration and swap of securities of the target for units of the Investment Infrastructure Trust.

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