Khaitan, JSA, Baker lead on RCom, Sistema 5,000 crore merger

Khaitan & Co advised Anil Ambani-controlled Reliance Communications (RCOM) in acquiring the wireless business of Sistema Shyam Teleservices, which operates under the MTS brand..This would lead to first major consolidation in the intensely competitive sector since 2009..In the non-cash deal worth around Rs 4,500-5,000 crore, Sistema Shyam will hold 10 per cent of RCOM’s fully diluted equity capital, reports ET..Khaitan & Co’s corporate team was led by Partners Haigreve Khaitan, Sharad Abhyankar along with Associate Partner Mehul Shah, Principal Associate Supratim Chakraborty and Associate Aayush Misra..Khaitan Partner Bijal Ajinky along with Principal Associate Vinita Krishnan and Senior Associate Surajkumar Shetty assisted on direct tax issues while Principal Associate Narendra Pati advised on indirect tax related aspects. Associate Partner Harsh Walia along with Senior Associate Sarvesh Saluja and Associate Kriti Singhania advised on telecom related aspects..J. Sagar Associates advised Sistema with a team led by Partners Rohitashwa Prasad and Akshay Nagpal along with Senior Associate Nidhi Sahay and Associate Akanksha Mahapatra..JSA Partners Amar Gupta, Mansoor Ali Shoket, Amitabh Kumar, Divyanshu Pandey, Vibha Dhawan and Arpita Garg; Head of Telecom Practice S.P. Purwar along with Senior Associates Divyam Agarwal, Vaibhav Chouksey and Gautam Shahi and Associates Radhika Gupta, Nikhil Bahl and Rityunjay Gupta advised on certain specific aspects of the transaction including the merger scheme sanctioning process, telecom regulatory advisory, competition law issues, and banking & finance matters..Chairman & Founder Jyoti Sagar provided strategic inputs from time to time..Baker & Mckenzie advised Sistema on English laws and the team was led by Tim Sheddick.