Majmudar DSK Weil Gotshal and Rajah Tann lead on PhillipCapitals acquisition of MF Global Sify Securities

Singapore’s leading financial service provider PhillipCapital has acquired a majority stake in MF Global Sify Securities India, a broking firm owned by the bankrupt US broker MF Global Holdings, in an all-cash deal..MF Global holds around 70 per cent stake in the Indian unit and the rest is owned by Sify Technologies..Majmudar & Partners advised MF Global Sify Securities with a team led by Managing Partner Akil Hirani along with Partner Rukshad Davar while Weil, Gotshal & Manges advised on English law. The team was led by London Partners Michael Francies and Paul Bromfield.The Mumbai office of DSK Legal advised PhillipCapital on Indian law aspects of the transaction. The DSK team was led by Partners Anand Desai and Nirav Shah..Rajah & Tann LLP acted as Singapore legal advisors to PhillipCapital. The team was led by Partner David Yeow..According to ET, the Mumbai-headquartered MF Global Sify Securities is among the country’s top-10 equity and commodity broking firms. It also offers foreign exchange broking services. PhillipCapital will retain MF Global Sify Securities’ 350-odd employees as part of the transaction which involves taking over its clients and licences..PhillipCapital, which offers a full range of financial services to retail, corporate and institutional clients has presence in 13 countries, covering most of the major Asian countries..This is the second time that the majority stake in MF Global India is changing hands. MF Global Sify was initially set up as a JV between Refco Inc and Sify with the US firm holding 70 per cent stake. When Refco went bankrupt in November 2005, MF Global took over its accounts and business worldwide.