Shearman & Sterling Advises Scandent as Largest Shareholder in an Indian Public Company on its Groundbreaking Acquisition by FTSE-Listed Xchanging plc
9 Apr 2009
Laurence Levy, Sean J. Skiffington, Iain Scoon, Beau W. Buffier, Matthew Readings, Deborah Lincoln, Antonia Horrocks, Kelly Karapetyan

Shearman & Sterling has advised Scandent Holdings Mauritius Ltd on the approximately ₤94.4 million acquisition by UK-based Xchanging plc of a 75% stake in Bangalore-based IT services provider Cambridge Solutions—in which Scandent is the largest shareholder. The deal closed today.

The complex deal, believed to be the first public takeover in India by a UK public company, creates a powerhouse in the outsourcing sector. Xchanging’s acquisition of 75% of the fully diluted share capital of Cambridge Solutions for cash and shares was agreed in October 2008. The agreement was conditional on an open offer, Xchanging shareholder approval, Indian regulatory procedures and other customary requirements.

Shearman & Sterling partner Laurence Levy (London-M&A) led the team advising Scandent. He commented: “We were very pleased to assist Scandent in this landmark deal which involved Indian, UK, US and German legal aspects. Working closely with our colleagues in New York, France and Germany we were able to provide cost-effective, cross-border advice to help Scandent close the deal.”

In addition to Levy, the Shearman & Sterling team representing Scandent included associates Sean Skiffington (London–M&A), Rita Lo (London–M&A) and Rémi Christien (London–M&A). Also assisting were partners Iain Scoon (London-Tax), Beau Buffier (New York-Antitrust) and Matthew Readings (London-Antitrust), counsel Deborah Lincoln (London-Intellectual Property) and associates Antonia Horrocks (London-Antitrust), Kelly Karapetyan (New York-Antitrust), Jan Bredehöft (Düsseldorf-Antitrust) and Will Smith (London-Tax).

For more information, please contact Caroline Paul | London | T +44 20 7655 5068 | .