Bangalore-based MMB Legal has represented Unique - Flughafen Zuerich AG, one of the shareholders of Bangalore International Airport Limited in the sale and transfer its 12 percent equity shareholding to GVK Airport Developers (GVK), a wholly owned subsidiary of GVK Power & Infrastructure Limited.

This deal, reports of which started in November last year, closed in late January. A consideration of Rs. 484 crore ($ 100 million) passed hands, valuing the airport at Rs. 4,034 crore ($ 872 million).

Mahesh Madan Bhat and Talha Salaria, both partners, represented Unique - Flughafen Zuerich AG, which also runs the Zurich Airport. Representing GVK, were long time counsel, Amarchand Mangaldas. Sources informed us that Mumbai partner, L. Viswanathan represented GVK on this transaction. However, Viswanathan refused to confirm the reports.

In January ’10, reports had indicated that GVK is to purchase the 17 percent stake held by L&T for about Rs. 686 crore ($150 million). With that, GVK will hold 29 percent in BIAL, making them the second largest shareholder in BIAL, with the largest being Siemens.

More similar transactions are due, in light of recent reports that GVK intends to purchase the entire or a majority of Siemens’ shareholding, which holds about 40 percent. Financial daily, Mint reports that while Siemens is not permitted by the existing master agreement to exit the venture right now, sources indicate that GVK is keen on purchasing Siemens shareholding in the future. Going by the current valuation, it is assured that the Siemens transaction will not be lesser than Rs. 1,614 crore ($ 350 million).