Freshfields and Pinsents cement $1.4bn India deal
Freshfields and Pinsents lead on the sale LafargeHolcim's India business to local conglomerate Nirma
July 15, 2016 at 04:33 AM
2 minute read
Freshfields Bruckhaus Deringer and Pinsent Masons have scored key roles on Indian conglomerate Nirma's acquisition of cement company LafargeHolcim's India business for $1.4bn (£1.05bn).
Nirma has agreed to buy the Franco-Swiss company's Indian operation, subject to regulatory approval from the competition commission of India.
Freshfields is acting as international counsel for LafargeHolcim, with Mumbai firm AZB and Partners handling Indian aspects of the deal.
Freshfields' team includes Paris-based corporate partner, and newly appointed managing partner for continental Europe, Alan Mason, alongside Singapore-based corporate partner Arun Balasubramanian and London IP partner Giles Pratt.
Pinsent Masons is acting as international law counsel for Nirma, with a team led by Leeds-based corporate partner Andrew Kerr.
Mumbai firm Crawford Bayley & Co is also advising Nirma on local law, with a team led by corporate partner Sanjay Asher and corporate partner Bhumika Batra.
LafargeHolcim was formed by the 2015 merger of France's Lafarge and Switzerland's Holcim.
On that deal, Cleary Gottlieb Steen & Hamilton acted for Lafarge and Linklaters advised Holcim.
The sale of LaFargeHolcim's India business forms a part of the company's aim to dispose of CHF3.5bn (£2.68bn) of assets in 2016, partly to meet the requirements of competition regulators following the 2015 merger that created the company.
LaFargeHolcim CEO Eric Olsen said: "This agreement is an important step in our CHF3.5bn divestment program. With this deal, two thirds of the program has been secured and the remainder of the programme is well on track."
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