Khaitan & Co advised Borosil Renewables Limited in its acquisition of 100% stake of Interfloat Companies

Khaitan & Co advised Borosil Renewables Limited in its acquisition of 100% stake of Interfloat Companies.

 

NO HEADINGS DETAILS
1. Sector Solar Glass Manufacturing
2. Announcement Date 25-Apr-2022
3. Completion Date Ongoing
4. Name of Client Borosil Renewables Limited
5. Acquirer Details Borosil Renewables Limited | India

Glass Manufacturing company in India

6. Target Details GMB Glasmanufaktur Brandenburg GmbH | Germany
Interfloat Corporation | Liechtenstein

Interfloat Corporation is a solar glass supplier to the European market

7. Deal Description Advised Borosil Renewables Limited, a solar glass manufacturing company in India (“BRL“), in its acquisition of GMB Glasmanufaktur Brandenburg GmbH and Interfloat Corporation (collectively “Interfloat Companies”). BRL (along with its subsidiaries) will be acquiring 100% stake in these companies through purchase of entire shareholding of HSTG Glasholding GmbH and Blue Minds IF Beteiligungs GmbH (shareholders of the Interfloat Companies). The parties have executed a binding share purchase agreement and the closing of the transaction shall be subject to completion of conditions precedents.
8. Total Consideration Upfront cash consideration of USD 56.6 million and the balance consideration is in the form of share swap
9. Turnover of Target if Deal Value Undisclosed Approximately Euros 105.2 million (aggregate for the Interfloat Group)
10. Team Members The core team consisted of Haigreve Khaitan (Senior Partner), Kapish Mandhyan (Partner), Pritali Patil (Senior Associate), Eshita Jain (Senior Associate),  Madhav Chandan (Associate) with assistance from the following:
Arindam Ghosh (Partner), Shashank Patil (Principal Associate)
11. Role of Firm Advising Borosil Renewables Limited in its acquisition of 100% stake of Interfloat Companies.
12. Financial Advisors Price Waterhouse & Co LLP
13. Other legal advisors if any with names of Lead Lawyers Mr. Timo Betjemann from DLA Piper UK LLP and Mr. Markus Stelzl from Nägele Attorneys at Law LLC were advising BRL on German and Liechtenstein law aspects of the deal. HSTG Glasholding GmbH and Blue Minds IF Beteiligungs GmbH is represented by Schoenherr Attorneys and Ashurst LLP
14. Innovative Feature of the transaction This is a cash / share swap transaction. BRL will be issuing shares on a preferential allotment to the sellers in lieu of shares of Interfloat.

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