India

Shardul Amarchand Mangaldas Advises Walmart on Acquisition of Majority Stake in Flipkart for USD 16 Billion


Shardul Amarchand Mangaldas & Co. (SAM & Co.) advised Walmart on its acquisition of majority stake in India’s largest online retailer Flipkart Ltd. For USD 16 billion deal. Walmart’s investment includes $2 billion in new equity funding. The deal values Flipkart at USD 20.8 billion.


 


The General Corporate, Competition Law, Banking & Finance, IPR and Tax Practices of Shardul Amarchand Mangaldas advised on the transaction. The SAM & Co. Team was led by Ms. Pallavi Shroff, Managing Partner, Shardul Amarchand Mangaldas.


 


  • The M&A Transaction team was led by Mr. Raghubir Menon, Regional Practice Head Mumbai, M&A and PE, GC; and key Partners involved in the transaction were Ms. Ekta Gupta, Ms. Puja Sondhi, Ms. Natashaa Shroff, Mr. Abhishek Guha, Mr. Aayush Kapoor, and Siddharth Nair. Ms. Shilpa Mankar Ahluwalia, Partner; and Ms. Shubhangi Garg, Partner; provided General Corporate advisory.


 


  • The Competition Law Practice team was led by Ms. Shweta Shroff Chopra, Partner.


 


  • The Tax Practice team was led by Mr. Amit Singhania, Partner.


  • The IPR Team was led by Mr. Mukul Baveja, Partner.


 


 


 


 


As a part of the transaction, an affiliate of Walmart will acquire 77 percent stake in the Singapore based holding firm of Flipkart. The remainder of the business will be held by Flipkart’s existing holders, including co-founder Binny Bansal, Tencent Holdings, Tiger Global Management and Microsoft, who comes in as Walmart’s technology partner.


 


Others advisors to the transaction were J.P. Morgan Securities LLC and Barclays (financial advisor for Walmart); Hogan Lovells, and Gibson, Dunn & Crutcher LLP (outside counsel to Walmart) Goldman Sachs & Co. LLC (exclusive financial advisor to Flipkart); Gunderson Dettmer LLP, Khaitan & Co., Allen & Gledhill LLP and Dentons Rodyk & Davidson LLP (legal counsel to Flipkart)


 


The deal was signed on 9 May, 2018 and is subject to regulatory approvals.


 


About Shardul Amarchand Mangaldas & Co.


 


Shardul Amarchand Mangaldas & Co.(SAM & Co.), founded on almost a century of legal achievement, is one of India’s leading full-service law firms. The firm’s mission is to enable business by providing solutions as trusted advisers through excellence, responsiveness, innovation and collaboration. SAM & Co. is known globally for its exceptional practices in mergers & acquisitions, private equity, competition law, insolvency & bankruptcy, dispute resolution, capital markets, banking & finance and projects & infrastructure.


 


The Firm has a pan-India presence and has been at the helm of major headline transactions and litigations in all sectors, besides advising major multinational corporates on their entry into the Indian market and their business strategy. Currently, the Firm has over 520 lawyers, including over 100 Partners, offering legal services through its offices at New Delhi, Mumbai, Gurugram, Ahmedabad, Kolkata, Bengaluru and Chennai.


Source: NV1

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