Deal Corner
Acquisition
ZEE ACQUIRING 9X MEDIA FOR `160 CRORE
Zee Entertainment Enterprises (ZEE), which is Subhash
Chandra-promoted, is acquiring 9X Media from private
equity firm Rivendell PE LLC, earlier known as New Silk
Route, and other shareholders for a total cash consideration
of `160 crore.
Punit Goenka, MD & CEO, ZEE, said, “Continuing with our
strategy of expanding into regional markets and niche
genres, we are pleased to announce this acquisition which
strengthens our music portfolio. Music is an integral
component of the consumer’s entertainment pie and we
will offer our consumers a wider array of choices through
these channels.” 9X Media operates five music channels
- 9XM (Hindi), 9X Jalwa (Hindi), 9X Jhakkas (Marathi), 9XO
(English) and 9X Bajao (Hindi).
Shardul Amarchand Mangaldas & Co advised Zee with
a team led by Partner Jay Gandhi along with Principal
Associate Arun Jerome and Associate Natalee Nanda.
Economic Laws Practice acted for 9X Media and Rivendell
PE LLC and the team was led by Partners Sujjain Talwar and
Aakanksha Joshi along with Senior Associate Amruta Kelkar
and Associate Tarini Menezes.
Acquisition
GIC AND K RAHEJA CORP FORM JV TO ACQUIRE 3-ACRE LAND AT WORLI
(“JV”) shareholding to acquire a 3-acre land parcel from
Siemens at the prime location of Worli, off Dr Annie Besant
Road, for approximately US $94 million (INR 6.1 billion), last
December. The joint venture company that bought the land
parcel is Whispering Heights Real Estate Pvt Ltd.
AZB & Partners advised GIC on the entire transaction. Sai
Krishna Bharathan and Ananya Sharma were the concerned
partners for this deal.
Affiliates of GIC, Singapore’s sovereign wealth fund, and
K Raheja Corp Group (“KRC”); one of India’s leading real
estate developers, have entered into a 50-50 joint venture
The date of signing of the deal was on December 30, 2016
and the deal completion happened on September 21,
2017. The joint venture plans to develop a landmark office
development in the city of Mumbai. A KRC entity will provide
support services for development and management of the
asset.
Acquisition
BLACKSTONE BUYS 49% XANDER STAKE IN PUNE REALTY PROJECT
Roughly 49% stake of Xander Group has been sold in Pune’s
International Convention Centre (ICC), a mixed-use project
of Panchshil Realty, to private equity giant Blackstone
Group. Xander Group had picked up the stake through one
of its PE funds in 2010 for roughly `500 crore. Blackstone
has now paid somewhere between `1,100 and `1,200 crore
for the asset.
AZB & Partners acted for Xander with a team led by
Partners Hardeep Sachdeva and Ravi Bhasin along with
Senior Associate Devina Gupta and Associate Apoorva
Sharma. Cyril Amarchand Mangaldas advised Blackstone
and the team included Corporate Partners Reeba Chacko
and Shishir Vyattaden, Real Estate Partners Namrata Kolar
and Mridul Kumbalath and Competition Partner Anshuman
Sakle.
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| L egal E ra | N ovember 2017
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