Khaitan, CAM, SAM, Sullivan, Freshfields act on Credit Suisse Group AG merger with UBS Group AG

The total consideration is CHF 3 billion (approximately ₹28,287 crore).
Credit suisse, UBS
Credit suisse, UBS

Credit Suisse Group AG has merged with UBS Group AG for a total consideration is CHF 3 billion with UBS Group AG being the surviving entity upon closing of the transaction.

Khaitan & Co advised Credit Suisse Group AG on the Indian regulatory aspects of the transaction including drafting and filing the change in control applications for SEBI and RBI-regulated entities and assisting in the change in control intimations/ applications for SEZ, STPI, and FPI entities of the Credit Suisse group in India.

The core team consisted of Moin Ladha (Partner), Vivek Mimani (Partner), Aman Anand (Principal Associate), Arun Kumar (Associate), Shambhavi Sinha (Associate) and Tanish Prabhakar (Associate) with assistance from the following teams:

FPI aspects of the transaction: Siddharth Shah (Partner) and Shikhar Kacker (Counsel)

Securities Law-related: Siddharth Shah (Partner), Sudhir Bassi (Executive Director) and Tomu Francis (Partner)

SEZ aspects: Mayank Jain (Partner)

Sullivan & Cromwell acted for Credit Suisse Group AG.

Cyril Amarchand Mangaldas advises UBS Group AG on the Indian law aspects.

The General Corporate Practice and Securities Regulatory Practice of Cyril Amarchand Mangaldas advised UBS Group AG on the transaction. The transaction team was led by Cyril Shroff, Managing Partner; Nivedita Rao, Partner; Ramgovind Kuruppath, Partner; Rutu Gandhi, Partner; Gazal Rawal, Partner; with support from Megha Krishnamurthi, Principal Associate; Aditi Gupta, Senior Associate; Pruthvi Jasani, Associate; Suneha Kasal, Associate and Yash Mukadam, Associate.

Anand Sinha, Senior Advisor; and Lily VaderaSenior Advisor; provided strategic inputs and guidance on RBI-related aspects; and Ranganayakulu JagarlamudiSenior Advisor; provided strategic inputs and guidance on SEBI-related aspects; on the proposed transaction, and incidental matters.

Freshfields Bruckhaus Deringer acted as Global Transaction Advisor for UBS Group AG.

The merger took place following the intervention of the Swiss Federal Department of Finance, the Swiss National Bank and the Swiss Financial Market Supervisory Authority,

Shardul Amarchand Mangaldas advised UBS and Credit Suisse on obtaining antitrust clearance and related advisory in India, in relation to their merger.   

The SAM & Co. team engaged with the Competition Commission of India (CCI) extensively for expedited approval of the transaction, which was cleared within 22 calendar days from the date of filing.

The competition law team was led by Naval Satarawala Chopra, Partner; Harman Singh Sandhu, Partner; Manika Brar, Partner; Neetu Ahlawat, Principal Associate; Apurv Jain, Associate and Shivek Sahai Endlaw, Associate.

Credit Suisse is one of the world's leading financial services providers. The bank’s strategy is built on its leading wealth management and Swiss Bank franchises with strong asset management as well as markets capabilities.

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