DLA Piper and Amarchand & Mangaldas & Suresh A Shroff & Co have advised Etihad Airways on its $379m (£248m) purchase of a 24% stake in India's Jet Airways.

Abu Dhabi's flag carrier has agreed to buy more than 27 million shares in the Indian airline, boosting its network of flights on the subcontinent.

As part of the deal, which is still subject to regulatory approval, the UAE airline also agreed to purchase Jet Airways' three pairs of Heathrow slots for $70m (£45.3m), through a sale and lease back agreement.

DLA Piper provided international counsel, fielding a team of eight led by corporate partners Jon Hayes in London and Benjamin Parameswaran in Hamburg.

Also providing support was Cologne-based antitrust partner Jan Dreyer who heads the firm's German competition group, alongside another four UK partners: aviation specialist Mark Franklin, competition expert Alexandra Kamerling, head of DLA's asset finance practice Graham Tyler and Leeds-based finance partner Sarah Day.

Amarchand advised on Indian aspects of the deal, with a team headed by Mumbai-based managing partner Cyril Shroff alongside competition partner Nisha Uberoi. Separately, project finance partner Santosh Janakiram advised Etihad on Jet's slots purchase at Heathrow.

Representing Jet Airways was Gagrat & Co partner Rustom Gagrat, alongside Economic Laws Practice partner Rohan Shah. The Supreme Court of India's senior advocate Harish Salve also provided support.

Financial advisors on the deal included Credit Suisse, DSP Merrill Lynch, HSBC and PriceWaterhouseCoopers.

This is the first M&A deal concerning an Indian carrier after the introduction of new rules allowing foreign investment into Indian airlines.

As well as enhancing Etihad's presence in the country, the transaction also provides a welcome boost to budget carrier Jet Airways, which has battled with high fuel costs and struggled to maintain profits in recent years alongside other Indian airlines Air India and Kingfisher.