Allen & Overy on largest overseas acquisition by an Indian company of the year
11 Jun, 2012
Allen & Overy has advised Standard Chartered Bank as mandated lead arranger on the USD650 million acquisition financing of US-based Decision Resources Group (DRG) by the Piramal Healthcare Group of India.
Banking partner Sanjeev Dhuna commented: “This transaction underlines a growing trend for corporate India to diversify away from the political and regulatory challenges of the domestic markets. The attempted bid by Tata Communications Limited for Cable & Wireless is another example of this trend. We expect to see more Indian outbound acquisitions this year.”
Earlier this year Allen & Overy acted for the group of lenders (Australia and New Zealand Banking Group Limited, DBS Bank Limited, ING Bank N.V., Standard Chartered Bank and Start Bank of India) providing finance in support of Tata Communications Limited’s attempted bid for Cable & Wireless Worldwide plc.
DRG provides research and consulting services to healthcare firms. The company, which has about 500 employees, projects revenues of USD160 million for 2012.
Banking partner Sanjeev Dhuna led the deal, assisted by senior associate Laksh Yadav and associates Lara Lucas and Nima Fath. Banking partner Joseph Stefano, senior counsel Maria Kalorides and associate Kate Barth, based in New York, also worked on the deal.