Shearman & Sterling is advising a consortium of financial investors led by Capital Square Partners (“CSP”) and CX Partners (“CX”) in their proposed acquisition of the global BPO business of Aditya Birla Minacs (“Minacs”) from ABNL IT & ITeS Limited, a wholly owned subsidiary of Aditya Birla Nuvo Limited, for an enterprise value of approximately US$260 million.
Minacs is a leading business process outsourcing company that partners with global corporations in the manufacturing, retail, telecom, technology, media and entertainment, banking, insurance, healthcare and public sectors.
CSP is a financial investor backed by principals Sanjay Chakrabarty and Aparup Sengupta, with investments and industry leadership across the IT, BPO and Analytics sectors.
CX is a private equity firm focused on providing growth equity to companies in India. CX has made investments in various sectors, including power, electronics, hotels, telecommunications, healthcare and pharmaceuticals, business services, IT & ITES, consumer and financial services.
Commenting on the transaction, partner Sidharth Bhasin, noted: “This is one of the most significant private equity transactions in the Indian BPO space in the recent years. It is a complex, multi-jurisdictional deal and we are delighted to be part of it.”
The Shearman & Sterling team includes partner Sidharth Bhasin (Hong Kong-Mergers & Acquisitions), associate Tiffany Hill (Singapore-Mergers & Acquisitions) and special associate Shan Wu (Beijing-Mergers & Acquisitions). Partner Larry Crouch and counsel Eileen O'Pray (both Palo Alto-Tax) advised on tax issues. Partner Caroline Leeds Ruby and associates Igor Stermsek and Korey Fevzi (all London-Finance Group) advised on the financing aspects of the transaction. Counsel Dan Stellenberg (Palo Alto-Executive Compensation & Employee Benefits) and associate Nell Beekman (New York-Executive Compensation & Employee Benefits) advised on executive compensation and employee benefits issues. Partner Richard Hsu and associate Zheng Bao (both Palo Alto-IP Transactional) advised on IP issues. Counsel Mathias Stocker (Frankfurt-Antitrust) and associates Kelly Karapetyan (New York-Antitrust) and Sebastian Krujatz (London-Antitrust) advised on competition law issues.