Cyril Amarchand Mangaldas advised UBS Group AG, from an Indian regulatory change of control perspective, with respect to the indirect acquisition of Credit Suisse entities in India pursuant to the merger of Credit Suisse Group AG into UBS Group AG. As a part of the merger transaction shares equivalent to CHF 3 billion (approx USD 3.5 billion) were issued.
The General Corporate Practice and Securities Regulatory Practice of Cyril Amarchand Mangaldas advised UBS Group AG on the transaction. The transaction team was led by Cyril Shroff, Managing Partner; Nivedita Rao, Partner; Ramgovind Kuruppath, Partner; Rutu Gandhi, Partner; Gazal Rawal, Partner; ; with support from Megha Krishnamurthi, Principal Associate; Aditi Gupta, Senior Associate; Pruthvi Jasani, Associate; Suneha Kasal, Associate and Yash Mukadam, Associate.
Anand Sinha, Senior Advisor; and Lily Vadera, Senior Advisor; provided strategic inputs and guidance on RBI- related aspects; and Ranganayakulu Jagarlamudi, Senior Advisor; provided strategic inputs and guidance on SEBI-related aspects; on the proposed transaction, and incidental matters.
The transaction involved the UBS and Credit Suisse entities in India obtaining prior approval from the RBI, SEBI, stock exchanges etc., for change in control, pursuant to the global merger.
Other parties and advisors to the transaction included FRESHFIELDS BRUCKHAUS DERINGER (Global Transaction Advisor for UBS Group AG), Credit Suisse AG, Mumbai Branch (Counterparty), Credit Suisse Finance (India) Private Limited (Counterparty); and Credit Suisse Securities (India) Private Limited (Counterparty).
The Transaction was signed on 19th March 2023 and closed on 12thJune 2023. _____________________________________________
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With 1000 lawyers and 170 Partners, the Firm is the largest full-service law firm in India and offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.
The Firm recently received “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards and the “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2021.
