Mergers and Acquisitions
Successfully advised on some of the largest & most complex M&A transactions in India
Highlights
- Advised on some of the largest and most complex M&A transactions of every type in India.
- Ranked #2 by volume of deals and #8 by value of deals in the M&A league tables in FY2016 (Source: Bloomberg, amongst investment banks only)
Kotak Investment Banking has demonstrated its leadership in M&As by successfully advising on some of the largest and most complex M&A transactions of every type in India. The team has a wealth of experience and offers in-depth M&A advisory expertise and deal execution skills across a broad spectrum of products & services.
Kotak Investment Banking has significant experience in all types of M&A transactions including acquisitions, divestments, cross border transactions, restructuring advisory, buybacks, defence strategy advisory and open bidding.
To see a snapshot of our landmark M&A transactions, click here
Key Recent Deals
Some of Kotak Investment Banking recent deals are given below
Buy-side Transactions
- Advent International: In 2022, Buy-side Financial Advisor for acquisition of 50.10% stake in Suven Pharmaceuticals and Manager to the Open Offer for 26% stake of Suven Pharmaceuticals, US$ 1.2 Billion
- Crompton Greaves Consumer Electricals Ltd: In 2022, Exclusive Financial Advisor to Crompton for acquisition of 55% stake of Butterfly Gandhimathi Appliances and Manager to the Open Offer for 26% stake of Butterfly Gandhimathi Appliances Ltd, US$ 277 Million
- Delhivery: In 2021, Exclusive Financial Advisor to Delhivery for acquisition of SpotOn Logistics Pvt. Ltd
- API Holdings (PharmEasy): In 2021, Buy-side Financial Advisor and Advisor to the Open Offer to API Holdings for acquisition of Thyrocare Technologies, US$ 848 Million
- Piramal Pharma: In 2021, Exclusive Financial Advisor to Piramal Pharma for acquisition of Hemmo Pharmaceuticals, US$106 Million
- Tata Digital: In 2021, Financial Advisor to Tata Digital for acquisition of Supermarket Grocery Supplies (BigBasket) and 1mg Technologies
- Embassy REIT: In 2020, Advisor to Embassy REIT for acquisition of Embassy Tech Village, US$ 1.3 Billion
- Air water: In 2019, Acquisition of manufacture, sale and distribution of oxygen, nitrogen and argon operated in South India "South Region Divestment Business" (SRDB) of Linde India Limited by Air water
- Birlasoft: In 2018, Acquisition of ITSS business of KPIT through merger and open offer by Birlasoft and CK Birla Group
- Kotak Mahindra Bank: In 2017, Acquisition of 26% stake by Kotak Mahindra Group in Kotak Mahindra Old Mutual Life Insurance Co, US$ 200 million
- American Tower: In 2017, Financial Advisor to ATC for acquisition of Tower Business of Vodafone and Idea, US$ 1,207 million
- Vodafone: In 2017, Financial Advisor to Vodafone Group Plc and Vodafone India for the merger of Vodafone India and Idea Cellular, US$ 13,272 million
- JTEKT: In 2017, Acquisition of 25.1% shareholding of SKSSL by JTEKT, US$ 125 million
- Ingenico - TechProcess: In 2017, Exclusive Financial Advisor to Ingenico Group on the acquisition of 100% shareholding of TechProcess Payment Services Ltd., a leading Indian online and mobile payment services provider
- Kotak Mahindra Bank: In 2016, Advisor to Kotak Mahindra Bank on the acquisition of 99.49% of equity shares of BSS Microfinance
- Godrej Agrovet: In 2015, Advisor to Godrej Agrovet for acquisition of controlling interest in Astec Lifesciences and Manager to the Open Offer, US$ 62 million
- Vodafone: In 2014, Sole Financial Advisor to Vodafone for acquisition of stake from minority shareholders in Vodafone India Limited, US$ 1,682 million
- Kotak Mahindra Bank: In 2014, Acquisition of 15% stake in Multi Commodity Exchange of India Limited (MCX), US$ 77 million
Sell-side Transactions
- Ashoka Buildcon: In 2023, Exclusive Financial Advisor to Ashoka Buildcon and investment fund managed by Morgan Stanley for 100% stake sale in Unison Enviro Pvt Ltd (city gas distribution) to Mahanagar Gas Limited, US$ 64 Million
- Tufropes: In 2023, Exclusive Financial Advisor for sale of 100% stake in Tufropes Pvt Ltd to Aimia Inc along with Paladin Private Equity LLC, US$ 187 Million
- JM Baxi Ports & Logistics: In 2023, Financial Advisor to Bain Capital for sale of 35% in JM Baxi Ports & Logistics Ltd to Hapag-Lloyd Holding AG
- Vistaar Finance: In 2022, Exclusive Financial Advisor to Vistaar Financial Services Pvt Ltd and its shareholders for sale of its majority stake to Warburg Pincus LLC
- Pickrr Technologies: In 2022, Exclusive Financial Advisor for sale of majority stake in Pickrr Technologies Pvt Ltd to BigFoot Retail Solutions Pvt Ltd (Shiprocket), US$200 Million
- Kogta Financial: In 2022, Exclusive Financial Advisor to Kogta Financial (India) Ltd for their Series D fund raiseand to IIFL for their exit of, US$ 111 Million
- ID Fresh Food: In 2022, Exclusive Financial Advisor to ID Fresh Food for their fund raise and secondary stake sale of Helion Venture Partners to NewQuest Capital Advisors (HK) Ltd and Premji Invest
- Star Health and Allied Insurance: In 2021, Sell-side Financial Advisor to Star Health and Allied Insurance Company for fund raise via private placement, US$ 355 Million
- Encube Ethicals: In 2021, Exclusive Financial Advisor to Encube Ethicals and Multiples Private Equity for its stake sale to Quadria Capital led consortium
- Fortum Holding: In 2021, Exclusive Financial Advisor for divestment of 500-MW solar PV Assets to Actis LLP, US$ 336 Million
- Signet Excipients - IMCD: In 2020, Exclusive Sell-side Financial Advisor to Signet Excipients on acquisition by IMCD
- Aakash Educational Services - Blackstone: In 2019, Exclusive Financial Advisors to Aakash Educational Services Pvt Ltd for acquisiton of Minority Stake (37.5%) by Blackstone, US$ 190 Million
- Prabhat Dairy: In 2019, sale of dairy business to Lactalis, US$ 240 million
- Star Health: In 2018, sale of Star Health to WestBridge AIF, RJ1 & Madison Capital
- Shriram Group & TPG Capital Management: In 2018, 100% sale of Vishal Mega Mart to Partners Group and Kedaara Capital
- Comstar: In 2018, 100% acquisition of Starter Motor Company by Blackstone
- Tata Power: In 2018, SED slump sale to Tata Advanced Systems Ltd., US$ 343 million
- HDFC: In 2017, Sale of HDFC Realty and HDFC Developers to Quikr, US$ 53 million
- Tata Business Support Services Ltd: In 2017, Sale of controlling stake in TBSS by TSL and Tata Capital to Quess Corp, US$ 24 million
- Tata Sons: In 2016, Financial Advisor to Tata Sons for sale of 23% stake in Tata AIA Life Insurance Company by Tata Sons to AIA Group
- Bharat Forge: In 2016, Sale of 50% stake in Alstom Bharat Forge to GE, US$ 35 million
- National Collateral Management Services: In 2015, Exclusive Financial Advisor to NCML for sale of majority stake to Fairfax for an aggregate consideration of ~Rs 8 billion. This is the largest transaction in the agri-logistics space in India.
- Sterling Hospitals-Actis: In 2014, Sale of controlling stake in Sterling Hospitals
- Bausch & Lomb Eyecare India: In 2014, Bausch & Lomb Eyecare India Ltd divested its Ophthalmology Portfolio to Ipca Laboratories Ltd
Mergers
- HDFC Limited and HDFC Bank: In 2022, Financial Advisor to HDFC Limited in relation to merger of HDFC Limited with HDFC Bank Limited
- Vodafone Group Plc and Vodafone India: In 2017, Financial Advisor to Vodafone Group Plc and Vodafone India for the merger of Vodafone India and Idea Cellular with a joint control construct, creating India's largest telco, US$ 23 billion. This is the largest M&A deal ever done in India.
- Kotak Mahindra Bank: In 2014, Financial Advisor for the merger of ING Vysya Bank with Kotak Mahindra Bank, US$ 2,582 million
Restructuring Transactions
- Crompton Greaves Consumer Electricals - In 2023, Financial advisor to Crompton Greaves Consumer Electricals for merger of Butterfly Gandhimathi Appliances with Crompton Greaves Consumer Electricals
- Tata Consumer Products Ltd: In 2022, Exclusive Financial Advisor to Tata Consumer for group reorganization
- Samvardhana Motherson International: In 2021, Financial Advisor & Fairness Opinion Provider to Samvardhana Motherson International in group Reorganization
- Bandhan Bank: In 2019, Fairness Opinion for merger between Bandhan Bank and Gruh Finance
- Max Healthcare: In 2018, Merger of Radiant Life Care with Max Healthcare
- Excel Cropcare: In 2018, Merger of Excel Cropcare with Sumitomo Chemical
- IDFC Bank: In 2018, Provided Fairness Opinion for merger between IDFC Bank and Capital First
- HDFC Standard Life Insurance Company: In 2016, Provided Fairness Opinion to HDFC Life in the merger of the Life Insurance business of Max Group with HDFC Life, US$ 2,028 million
- Aditya Birla Nuvo: In 2016, Provided Fairness Opinion to Aditya Birla Nuvo in the merger of Aditya Birla Nuvo with Grasim Industries followed by the demerger of the financial business of Aditya Birla Nuvo into Aditya Birla Financial Services Ltd, US$ 7,943 million
- Advanta: In 2015, Advisor on the Merger of Advanta Limited with UPL Limited
- Mastek Limited: In 2014, Demerger of the Insurance Products and Services business of Mastek Limited into Majesco Limited and the transfer of the offshore insurance operations of Majesco by way of a slump sale to Majesco Software and Solutions India Private Limited, a step down subsidiary of Majesco. Kotak Investment Banking acted as the transaction advisor to Mastek Limited and also provided the Fairness Opinion on the transaction.
Cross-Border Transactions
- SALIC: In 2022, Exclusive Buy-side Financial Advisor to Saudi Agricultural and Livestock Investment Company (SALIC) for its minority investment in LT Foods and sale of its stake in Daawat Foods to LT Foods, US$ 77 Million
- GIC and Cintra: In 2021, Preferential investment by GIC and Cintra in IRB Infrastructure, US$ 713 Million
- Essar Steel India - Arcelor Mittal: In 2019, Buy-side Financial Advisor to ArcelorMittal SA to acquire Essar Steel India Ltd, through an auction in Insolvency Resolution Process, US$ 5.96 Billion
- JTEKT Corporation - Sona Koyo Steering Systems: In 2017, Exclusive Financial Advisors to JTEKT Corporation for acquisition of 25.1% stake in Sona Koyo Steering Systems Limited from Sona Group, followed by an Open Offer to acquire additional 26% stake; US$ 126 million
- Tata Chemicals - Yara International: In 2016, Sale of the Urea Business of Tata Chemicals to Yara International for a consideration of US$ 400 million. Kotak was the lead advisor on the transaction to Tata Chemicals.
- American Tower Corporation - Viom Networks: American Tower Corporation to acquire a 51% controlling interest in Viom Networks Limited for Rs 76 billion (Enterprise Value of Viom: US$ 3.2 billion). Kotak Investment Banking and Evercore are joint financial advisors to American Tower.
- Tubacex: In 2015, Tubacex, the world's leading Spanish manufacturer of stainless steel tubular solutions, acquired a majority stake in Prakash Steelage's seamless stainless steel tube division, US$ 42 million
- Mahindra Group – CIE Automotive: Global alliance between Mahindra Group & CIE Automotive, Spain for auto components business and open offers for Mahindra Forgings Limited and Mahindra Composites Limited. Kotak Investment Banking was the exclusive financial advisor to the Mahindra Group and is the manager to the open offers, US$ 900 million.
Open Offers /Delisting Transactions
- R Systems International: In 2022, Manager to the first ever Delisting cum open offer by Blackstone with a fixed delisting price under the SEBI (SAST) Regulations to the shareholders of R systems, US$ 183 Million
- Panatone Finvest: In 2021, Manager to the open offer by Panatone Finvest Limted (Subsidiary of Tata Sons) for to shareholders of Tejas Networks Ltd, US$ 140 Million
- Crompton Greaves: In 2016, Advisor to the Committee of Independent Directors of Crompton Greaves Consumer Electricals Limited for the Open Offer for acquisition of 26% equity stake by Amalfiaco Limited along with Macritchie Investments Pte, US$ 253 mn
- Hitachi: In 2016, Advisor to the Independent Committee of Directors of Hitachi Home & Life Solutions (India) Ltd for the Open Offer by Johnson Controls Inc., an affiliate of Hitachi Ltd, US$ 93 mn
- Computer Sciences Corporation: In 2016, Manager to the Open Offer cum direct delisting offer to the shareholders of Xchanging Solutions Limited by Computer Sciences Corporation, US$ 16 mn
Buyback Transactions
- Infosys: In 2022, Buyback Offer to shareholders of Infosys Ltd, US$ 1.1 Billion. Since 2017, Manager to multiple Buyback Offers of Infosys in Buyback Offer to its shareholders via both Stock Exchange route and Tender Offer Route, cumulatively US$ 5.6 Billion
- Great Eastern Shipping Co. Ltd: Since 2013, Manager to multiple Buyback Offers of Great Eastern Shipping Co. Ltd via both Stock Exchange route and Tender Offer Route, cumulatively US$ 85 Million
- Majesco Ltd: In 2020, Manager to the Buyback Offer to the shareholders of Majesco Ltd via Tender Offer Route, US$ 85 Million
- Tech Mahindra: In 2019, Buyback Offer to shareholders of Tech Mahindra via Tender Offer route, US$ 280 million
- Infosys Ltd.: In 2019, Buyback Offer to shareholders of Infosys Ltd. via Stock Exchange route, US$ 1,200 million
- HT Media: In 2018, Open Offer to acquire 26% stake in Next Mediaworks Ltd., US$ 7 million
- Birlasoft: In 2018, Acquisition of 26% shareholding in KPIT through Tender Offer route, US$ 144 million
- Unichem Laboratories: In 2017, Buyback Offer to the shareholders of Unichem Laboratories via Tender Offer route, US$ 138 million
- Pidilite Industries: In 2017, Buyback Offer to the shareholders of Pidilite Industries via Tender Offer route, US$ 78 million
- Swaraj Engines: In 2017, Buyback Offer to the shareholders of Swaraj Engines via Tender Offer route, US$ 11 million
- Infosys: In 2017, Buyback Offer to the shareholders of Infosys via Tender Offer route, US$ 2 billion
- Mindtree: In 2017, Buyback Offer to the shareholders of Mindtree via Tender Offer route, US$ 41 million
- Bharti Infratel: In 2016, Manager to the Buyback Offer to the shareholders of Bharti Infratel via Tender Offer route, US$ 303 mn
- Dr. Reddy's Laboratories: In 2016, Manager to the Buyback Offer to the shareholders of Dr. Reddy's Laboratories Limited via Open Market route, US$ 234 mn
- Vardhman Textiles: In 2016, Manager to the Buyback of equity shares through the tender offer process, US$ 108 million
- Smartlink Network Systems: In 2016, Manager to the Buyback Offer to the shareholders of Smartlink Network Systems Limited via Tender Offer route, US$ 13 mn
- Hexaware Technologies: In 2016, Manager to the Buyback of equity shares through the tender offer process, US$ 20 million
Landmark Transactions
- Buy-side Advisor to Advent International for acquisition of majority Stake in Suven Pharmaceuticals and Manager to Open Offer, US$ 1.2 Billion
- Buy-side Advisor to Embassy REIT for acquisition of Embassy Tech Village, US$ 1.3 Billion
- Financial Advisor to Samvardhana Motherson International in group Reorganization
- Sale of majority stake in Signet Excipients to IMCD
- Merger of HDFC Limited and HDFC Bank, US$ 58 Billion
- Essar Steel India - Arcelor Mittal: Financial Advisor to ArcelorMittal for acquisition of Essar Steel India Ltd – India's largest IBC Recovery, US$ 5.96 Billion
- Sale of Star Health to WestBridge AIF, RJ1 & Madison Capital
- 100% sale of Vishal Mega Mart to Partners Group and Kedaara Capital
- Acquisition of ITSS business of KPIT through merger and open offer by Birlasoft and CK Birla Group
- Vodafone Group Plc and Vodafone India: Financial Advisor to Vodafone Group Plc and Vodafone India for merger of Vodafone India and Idea Cellular creating India's largest telco, US$ 23 billion. This is the largest M&A deal ever done in India.
- JTEKT - Sona Koyo Steering Systems: Acquisition of 25.1% shareholding of SKSSL By JTEKT, followed by an Open Offer to acquire additional 26% stake
- Ingenico - TechProcess: : Acquisition of 100% shareholding of TechProcess by Ingenico
- Tata Chemicals – Yara: Sale of Tata Chemicals' Urea Business to Yara International
- American Tower - Viom: Acquisition of 51% controlling interest in Viom Networks by American Tower Corporation
- National Collateral Management Services: Divestment of stake in National Collateral Management Services Limited to Fairfax
- Tubacex: Acquisition of stake in the Stainless Steel Tubes Division of Prakash Steelage by Tubacex
- Kotak Mahindra Bank: Merger of ING Vysya Bank with Kotak Mahindra Bank
- Mastek: Demerger and consolidation of the Insurance Products business
- Kotak - MCX: Acquisition of 15% stake in MCX
- Vodafone: Valuation advisory for acquisition of stake in Vodafone India Ltd
- Toshiba: Acquisition of 26% strategic stake in UEM India Pvt. Ltd.
- Torrent Pharmaceuticals: Acquisition of Indian Formulation Business of Elder Pharmaceuticals
- Hitachi Limited: Acquisition of 100% stake in Prizm Payments Services by Hitachi Ltd
- Vijai Electricals: Sale of major part of Electricity Transmission and Distribution (T&D) business to Toshiba Corporation
- Mahindra Group - CIE Automotive: Global Alliance in Auto Components between Mahindra Group and CIE Automotive
- Tech Mahindra: Acquisition of Hutchison Global Services by Tech Mahindra
- iGate: Delisting Offer for Patni Computer Systems Limited
- Kokuyo - Camlin: Joint Venture between Kokuyo Ltd. and Camlin Ltd
- Tech Mahindra: Acquisition of control of Satyam Computer Services Limited by Tech Mahindra Limited through a competitive bidding process
- Reliance Industries and Reliance Petroleum: Merger of Reliance Petroleum Ltd. with Reliance Industries
- CRH: Entry of building materials major, CRH, into India
- Thomas Cook: Acquisition of 74.9% stake (including Open Offer) in Thomas Cook (India) Limited and 100% stake in Thomas Cook Egypt and Lebanon
- Wal-Mart: Entry of Wal-Mart into India and JV with Bharti Group
- SREI - BNP Paribas: Joint Venture between SREI and BNP Paribas
- Hutch - Vodafone: Divestment of Hutch to Vodafone Plc (Largest Telecom M&A transaction)
