28 March, 2019
L&L recently advised Carlyle, one of the world’s largest and most successful private equity firms, in acquiring a significant minority stake in Delhivery, an ecommerce logistics firm which facilitates the delivery of goods for online retailers like Flipkart, Amazon, Paytm, amongst others.
The transaction was the sixth round of funding for Delhivery, with Tiger Global, Times Internet, Nexus Venture Partners, Fosun, Multiples Fund and Carlyle being the existing investors, required the Firm’s participation in assisting Carlyle on its discussions with Delhivery and the new investor and in the several rounds of iterations to the transaction documents. The combined value of investment is around US$ 413 million.
The existing agreement between the shareholders was extremely complex, and the Team ably navigated the client through the arrangement, striking a fine balance between protecting the interests of Carlyle as an existing investor; and ensuring that the additional rights to the new investor does not adversely impact or impinge upon the rights of Carlyle and at the same time ensuring that there is minimal deviations from the existing arrangement between the investors.
The transaction required approval from the Competition Commission, which was to be sought by separate notifications filed by each participating investor. The team coordinated its filing with the other investors while ensuring similarity in the Notice in so far as the Target's information and market description were concerned. Notably, Carlyle did not receive any follow up queries in the process of securing approval, while the other two investors were required to respond to several questions raised by the CCI.
L&L team was led by Partner – Samir Dudhoria ably assisted by Associate – Arsh Khan.
The competition law team was led by Partners – Abdullah Hussain & Kanika Chaudhary; Senior Associate – Arjun Singh and Associates – Prerna Parashar and Samarth Shergill.
