Latham & Watkins and Cyril Amarchand Mangaldas have advised Indian conglomerate Adani Group on its $10.5 billion stake acquisitions in two of India’s largest cement companies—Ambuja Cements Ltd and ACC Ltd.
Swiss construction materials company Holcim Group Services Limited is selling its 63% stake in Ambuja Cement, which owns a 50% interest in ACC, as well as its 4.48% direct stake in ACC, to Adani. Both target companies are listed on the Bombay Stock Exchange.
The transaction, which is subject to approval by regulators and is expected to close later this year, marks the largest acquisition Adani has ever made and also the largest ever M&A deal in the infrastructure sector in India.
Latham advised Adani, which has a market cap of over $180 billion, with a team led by London partner Sam Newhouse and Singapore partner Rajiv Gupta.
Latham is a long-term legal adviser to Adani and its subsidiaries and has acted on several of the company’s key transactions over the past few years.
In 2019, the firm represented Adani Green Energy Limited on the $500 million co-issuance of 6.25% senior secured notes due 2024. The notes were listed on the SGX-ST and the India INX. Last year, the firm also advised Adani Ports and its transport and logistics arm, Special Economic Zone Ltd, on a $750 million senior unsecured U.S. dollar notes issuance.
Cyril Amarchand was local counsel to Adani and its deal team is being led by the firm’s managing partner, Cyril Shroff, and corporate partners Paridhi Adani and Anchal Dhir.
Holcim is being advised by Freshfields Bruckhaus Deringer and AZB & Partners, which is also acting for the Ambuja Cement and ACC.
The AZB team is led by partner Ashwath Rau, Kashish Bhatia and Jasmin Karkhanis.
Freshfields’ Dubai-based corporate partner Rob Cant led on the advice to Holcim. The firm has also previously advised Holcim on the billion-dollar acquisition of Herbert Malarkey Roofing Company, an American roofing supplies company.