CVC Capital Partners has acquired 26.47% shareholding of Aavas Financiers for approximately ₹3,400 crore from Partners Group and Kedaara Capital.
This is the largest M&A buyout in the housing finance sector.
CVC is also making an open offer for ₹3,600 crores approximately to the public shareholders of Aavas Financiers to acquire an additional 26% shareholding.
Anagram Partners is the legal advisor to CVC on this transaction.
The transaction team consisted of Shuva Mandal (Partner), Ankit Mishra (Partner), Rajesh Simhan (Partner), Aashna Kothari (Principal Associate), Karan Nelivigi (Principal Associate), Ashana Shah (Senior Associate), Sarthak Parnami (Senior Associate), Anoushka Shetty (Associate) and Siddhant Sahu (Associate).
Cyril Amarchand Mangaldas advised Kedaara Capital and Partners Group on selling a controlling stake in Aavas Financiers Limited to CVC.
The General Corporate team of Cyril Amarchand Mangaldas acted on the matter. The transaction was led by Anchal Dhir, Partner; Anshu Choudhary, Partner; with support from Arnav Shah, Principal Associate; Aman Deep Borthakur, Senior Associate; Samraddhi Shetty, Associate; Navjot Chhabra, Associate; and the deal team advised on structuring and documentation and conducted vendor due diligence on the Company.
Aditi Manchanda, Partner; advised on regulatory aspects relevant to housing finance companies.
Abe Abraham, Partner; with support from Ankita Sharma, Principal Associate; Kriti Singh, Associate; Shivika Gupta, Associate; assisted with due diligence on employment related matters.
Pururaj Bhar, Partner; with support from Sohrab Kharadi, Principal Associate; Aayush Kakodkar, Associate; advised on financing related aspects.
Gazal Rawal, Partner; with support from Anshuman Sugla, Senior Associate; Yash Mukadam, Associate; is assisting with the application for obtaining approval of the RBI for the Transaction.
Avaantika Kakkar, Partner & Head – Competition; Dhruv Rajain, Partner; with support from Vanya Agarwal, Associate; and Jaibir Bindra, Associate; is assisting with the notification to CCI regarding the Transaction.
CVC is a leading global private markets manager with a network of 29 offices throughout EMEA, the Americas, and Asia, with approximately €193 billion of assets under management.
Established in 2011, Aavas Financiers is one of India’s leading housing finance companies focused on providing home loans, home construction loans, home improvement loans, MSME business loans etc., to underserved and under reached markets.
CVC made a detailed public announcement about the offer.
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