Latham & Watkins LLP advised The Adani Family, through Endeavor Trade and Investment Ltd, a special purpose vehicle, in the US$4.5 billion financing and successful completion of the acquisition of Ambuja Cements Ltd and ACC Ltd. The transaction involved the acquisition of Holcim’s stake in Ambuja and ACC along with an open offer in both entities as per SEBI Regulations. The transaction was financed by facilities aggregating to US$4.5 billion availed from 14 international banks.
The value of the Holcim stake and open offer consideration for Ambuja Cements and ACC is US$6.5 billion, which makes this the largest ever acquisition by Adani and India’s largest ever M&A transaction in the infrastructure and materials space. Post the transaction, Adani holds 63.15% in Ambuja Cements and 56.69% in ACC (of which 50.05% is held through Ambuja Cements).
Both Ambuja Cements and ACC will benefit from synergies with the integrated Adani infrastructure platform, especially in the areas of raw material, renewable power, and logistics, where Adani Portfolio companies have vast experience and deep expertise. Ambuja and ACC will also benefit from Adani’s focus on ESG, Circular Economy, and Capital Management Philosophy.
The cross-border Latham finance team was led by Singapore partner Timothy Hia and Hong Kong counsel Tingfei Fan, with associates Chuan Wei Kong, Rebecca Han, and Mia Gu. The corporate team advising on the acquisition was led by London partner Sam Newhouse and Singapore partner Rajiv Gupta. Advice was also provided on tax matters by London partner Karl Mah, with associate Abi Jacobs, and on antitrust matters by Brussels partner David Little, with associate Nathan Wilkins.