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EQT to acquire GeBBS Healthcare Solutions

JSA advised EQT on acquiring a controlling stake in GeBBS Healthcare Solutions, a global provider of healthcare outsourcing solutions, from ChrysCapital.

GeBBS is a technology-driven solution provider to hospital systems and payers in the US. GeBBS creates innovative technologies to help clients optimise their organisational workflow, improve financial performance, adhere to compliance, and enhance the overall patient experience.

Our Transaction Team Comprised Lead Partner – Vikram Raghani and Anand Lakra, Partner – Niharika Mepani, Principal Associate – Ami Shah, Senior Associate – Jinay Shah and Associates – Diya Dave, Ishan Saxena, Tanishqua Desai and Nishi Shah.

Our Diligence Team Comprised Partner – Sonakshi Das, Of Counsel – Mohammed Abid Hussain, Associates – Riya Saraf, Shivani Jain, Maria Joven Vellara, and Rishi Sandill.

Our Taxation Team Comprised Partner – Shareen Gupta, Principal Consultant – Ruchita Modi and Associate – Tanay Vyas.

Our Competition Team Comprised Partners Vaibhav Choukse and Ela Bali and Principal Associate – Nripi Jolly.

Apax Digital Funds acquires majority stake in greytHR

JSA provided comprehensive end to end transactional assistance to Apax Digital Fund II (“Apax”) in its strategic investment in Greytip Software Private Limited (“ Company”), a cloud-based HR and payroll software company, popularly known as greytHR. This was the Company’s largest funding round so far. Apax now holds a controlling stake of 52.1% in the Company.

The transaction consisted of a primary as well as a secondary component, including providing an exit to the largest and oldest shareholders, MegaDelta Capital and Blume Ventures.

This investment will fuel growth, enable market expansion, and enhance AI capabilities. greytHR aims to optimize customer experience and R&D efforts through upskilling and innovative product development.

JSA’s role included providing extensive support across all aspects of the transaction starting from term sheet discussions to closing. The due diligence and negotiation involved striking a balance between the requirements of an incoming majority investor, the Company’s needs and the intent to create a successful partnership going forward. This required meticulous problem-solving and attention to detail on all aspects , including procuring a buy-side W&I insurance to reduce liabilities for the Company.

Notably, the deal was also closed in a swift and timebound manner, keeping in mind the interests of all concerned parties, including the exiting investors.

Our Transaction Team Comprised Lead Partner – Probir Roy Chowdhury, Partner – Yajas Setlur, Senior Associates – Pranavi Pera and Soumya Bhargava Associates – Bhargavi Kuchewar, Nikhil George and Moushami Nayak.

Godrej Agrovet acquires Tyson’s stake in Godrej Tyson Foods

JSA advised Tyson Foods (Tyson) on its full exit from Godrej Tyson Foods Limited (Godrej Tyson Foods) by way of sale of its stake to Godrej Agrovet Limited (an Indian listed company) (Godrej Agrovet).

Godrej Agrovet, which previously held 51% of the share capital in Godrej Tyson Foods, has acquired the remaining 49% of the share capital in the company from Tyson. Consequent to the completion of the acquisition, Godrej Tyson Foods has become a wholly owned subsidiary of Godrej Agrovet.

Incorporated in the year 2008, Godrej Tyson Foods has been a joint venture entity of Tyson and Godrej Agrovet to manufacture and market processed poultry and vegetarian products. Godrej Tyson Foods operate in B2C space through value-added products such as ‘Real Good Chicken’ and ‘Godrej Yummiez’, whereas in the B2B vertical, it supplies processed chicken to renowned brands across leading hotel chains and quick service restaurants.”.

Our Transaction Team Comprised Lead Partner – Sidharrth Shankar, Partner – Prakriti Jaiswal, Principal Associate – Dhruv Malhotra, Senior Associate – Rishika Agarwal and Associate – Mahi Jaiswal.

Our Competition Team Comprised Partner – Vaibhav Choukse, Principal Associate – Nripi Jolly and Associate – Faiz Siddiqui.

Bharat Value Fund (BVF) invests in Marudhar Rocks International Private Limited

JSA advised Bharat Value Fund (BVF) to acquire 6.5% stake in Marudhar Rocks International Private Limited for INR 150 crores.

Marudhar Rocks International Private Limited is the largest manufacturer of premium engineered quartz surfaces, with an annual capacity of approximately 2 million square meters across three strategically located facilities. The funding will enable them to diversify their product portfolio, invest in cutting-edge technologies, and meet the growing demand in both domestic and international markets, while expanding their market presence globally.

Deal value: INR 150 Crore

Our Transaction Team Comprised Lead Partner – Siddharth Mody, Partner – Anurag Shrivastav, and Associate – Bhaskar Dhandharia.

Our Due Diligence Team Comprised Senior Associate – Alister Sequeira and Associates – Bhaskar Dhandharia, Gavin Pereira and Regan D’Mello.

EQT to acquire PropertyGuru Group Limited, Southeast Asia’s leading property technology company

JSA represented EQT on its acquisition of PropertyGuru Group Limited(NYSE: PGRU), Southeast Asia’s leading property technology company. PropertyGuru will be acquired by EQT in an all-cash transaction that values PropertyGuru. Private equity groups KKR and TPG, which hold a combined 56% of PropertyGuru’s shares are selling their stake as part of this transaction.

Deal value: USD 1.1 Billion

Our Transaction Team Comprised Partners – Vikram Raghani, Anand Lakra and Niharika Mepani, Senior Associate – Jinay Shah and Associates – Shreya Shinde, Diya Dave and Ishan Saxena.

Our Employment Team Comprised Partner – Sonakshi Das.

Our Data Privacy Team Comprised Associate – Riya Saraf.

Acquisition of Impaqtive US Corp by Infogain Corporation

JSA advised Impaqtive US Corp as the sell-side counsel relating to Infogain Corporation’s acquisition of 100% shareholding in Impaqtive US Corp (a global Salesforce service provider) and Impaqtive Technologies India Private Limited.

The JSA sell-side team consisted of Archana Tewary (Partner), Savio Tom (Senior Associate), Naveen Kumar (Associate). The team assisted in all aspects of the transaction, including structuring, negotiating and finalising the definitive documents and closing and post-closing matters.

The JSA sell-side team was assisted by Kumarmanglam Vijay (Partner), Divyam Mittal (Senior Associate) and Shivek Arora (Consultant) on direct tax matters.

JSA also advised Infogain Corporation (an APAX portfolio company) as the buy-side counsel in relation to India leg of acquisition of 100% shareholding of Impaqtive US Corp (which included an indirect acquisition of its Indian subsidiary Impaqtive Technologies India Private Limited).

The JSA buy-side transaction team consisted of Anand Lakra (Lead Partner), Niharika Mepani (Partner), Jinay Shah (Senior Associate), Shreya Shinde (Associate), Diya Dave (Associate)

The JSA buy-side team was also assisted by Sonakshi Das (Partner) on employment aspects and by Saurabh Sinha (Senior Associate) and Riya Saraf (Associate) for data privacy aspects.

JCB Salons acquired 100% stake in Spalon India

JSA advised the promoters of Spalon India Private Limited (Spalon) in connection with their stake sale in Spalon to JCB Salons Private Limited.

Spalon is a premium spa and salon brand and operates business under the Bounce and Oryza brands across South India.

Our Transaction Team Comprised the Lead Partner – Varun Sriram and Associate – Nithyashree Venkatesh.

JSA advises Pl Industries Limited on making rule 2.7 offer announcement for acquiring Plant Health Care plc

JSA advised and assisted PI Industries Limited (“PI”) in making an offer announcement for the acquisition of Plant Health Care Plc (“PHC”), a UK incorporated company traded on AIM (i.e., a market operated by the London Stock Exchange, in terms of Rule 2.7 of the (UK) City Code) on Takeovers and Mergers (“2.7 Announcement”).

Pursuant to 2.7 Announcement, PI’s Dubai based subsidiary would acquire the entire issued share capital of PHC by means of a court-sanctioned scheme of arrangement (“Scheme”) under the provisions of the English law, including the City Code on Takeovers and Mergers and Part 26 of the (UK) Companies Act, 2006. The Proposed Acquisition will be consummated on the Scheme becoming effective, which requires, approval of PHC’s shareholders in majority and English courts.

While PI is one of the market leaders in the agricultural inputs industry with over seven decades of experience, PHC is known for its pioneering protein/peptide technology in the agricultural biologicals space. PHC has subsidiaries in the US, Brazil, and Mexico, and a robust R&D base in the US.

The acquisition will enable the PI to offer integrated agri-solutions across both chemicals and biologicals and provide PI with access to PHC’s advanced biological/peptide technology platforms in the Plant Immunity Inducers space, complementing PI’s existing portfolio of eight biological products and expanding its development and registration pipeline. The combination of PHC’s technologies with PI’s existing chemical products portfolio will enhance PI’s capabilities to  serve key agricultural markets globally.

Our Transaction Team Comprised Lead Partner – Manvinder Singh, Partner – Anant Mishra, Senior Associate – Parnik Saxena and Archi Roy, Associate – Adarsh Raj Singh and Sharique Uddin.

Coforge acquires majority stake in Cigniti

JSA represented Coforge Limited (“Coforge“) in its proposed acquisition of a majority stake of Cigniti Technologies Limited (“Cigniti“) for approximately USD 256 million. The transaction included Coforge making an open offer to the public shareholders of Cigniti in terms of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Coforge is listed on BSE and NSE and is a global enterprise information technology solutions and services company offering its clients comprehensive capabilities in product engineering services, intelligent automation services, data and integration services, cloud and infrastructure management services, software engineering services and business process management services.

Cigniti is listed on BSE and NSE and is engaged in the business of providing digital assurance and digital engineering services.

The deal also involved (a) the subsidiary of Coforge availing a committed line of financing on May 2, 2024, for an amount not exceeding USD 250 million by the Hongkong and Shanghai Banking Corporation, GIFT city branch; and (b) Coforge undertaking a fund raising exercise by way of a QIP to fund the acquisition.

Our Transaction Team Comprised Lead Partner – Anand Lakra, Principal Associate – Ami Shah, Senior Associate – Jinay Shah, Associates – Shreya Shinde, Diya Dave, Parth Mehta and, B M Biplab.

Our Banking and Finance Team Comprised Partner – Utsav Johri and Sucheta Bhattacharya and Associate – Suprabh Garg.

Our Data Protection Team Comprised Senior Associate – Saurabh Sinha, and Associate – Himanshu Kumar.

Our Employment Team Comprised Partner – Sonakshi Das.

Our Competition Team Comprised Partner – Vaibhav Choukse and Ela Bali, Principal Associate – Nripi Jolly and Senior Associate – Aditi Khanna and Associate – Faiz Siddiqui.

Our Indirect Tax Team Comprised Partner – Shareen Gupta, Principal Consultant – Ruchita Modi, and Associate – Tanay Vyas.

JSA advised Inflexor Technology Fund on its acquisition of a minority stake in GenAI startup, Ayna

Inflexor Technology Fund led a round of funding and acquired a minority stake in GenAI startup, Ayna.

The Bengaluru-based startup leverages its proprietary compound foundational models (CFMs) and diffusion models to provide ecommerce brands with studio-quality product photoshoots, and helps brands manage their product images by enabling them to specify precise requirements, change elements, and experiment with various styles.

Our Transaction Team Comprised Lead Partner – Siddharth Mody, Principal Associate – Prerana Chaudhari, and Senior Associate – Alister Sequeira.

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