Trilegal, Cyril Amarchand Mangaldas, Latham, AZB advise on Mittal-Poonawalla consortium acquiring Rajasthan Royals for $1.65 bn

A consortium of the Mittal family, consisting of Lakshmi N Mittal, Aditya Mittal, and Adar Poonawalla, has signed definitive agreements to acquire Rajasthan Royals from Manoj Badale and the consortium, for an enterprise value of $1.65 billion.

Trilegal is advising the Mittal family on this acquisition.

The transaction team is led by Nishant Parikh (Partner), Arnav Dayal (Partner) and Mitali Halbe (Partner), with support from other teams on various aspects.

Cyril Amarchand Mangaldas is advising Adar Poonawalla on this acquisition.

The transaction team is led by Iqbal Khan (Partner) and Ashid Basheer (Partner), with support from Subbalaxmi S (Principal Associate), Shefali Murthy (Senior Associate), Associates Gunjan Singh, Raviraj Zinzuvadia, Mallika Bhaskar and Khushi Jaffar.

Swati Sharma (Partner, Head - Intellectual Property), with support from Andri Shukla (Senior Associate), advised on intellectual property aspects of the transaction.

Ankoosh K Mehta (Partner, Co-Head – White Collar & Investigation) advised on disputes aspects of the transaction.

Latham & Watkins is acting as international legal counsel for the buyer consortium.

AZB & Partners is advising Manoj Badale and the seller consortium on this transaction.

Macfarlanes is acting as international legal counsel for the seller consortium.

Aside from the IPL team, Rajashtan Royals also owns the Paarl Royals and the Barbados Royals, playing in the SA20 league and Caribbean Premier League, respectively.

Following the completion of this acquisition, the Mittals will own ~75% of the franchise, while Poonawalla will own ~18%. The remaining ~7% will be held by certain existing investors including Manoj Badale.

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