Khaitan, Lexygen, US law firms act on Standex’s acquisition of Amran/Narayan Group

Standex International Corporation has made two-stage cross-border acquisition of Amran, LLC (operating as Amran Instrument Transformers) and Narayan Powertech Private Limited.

Khaitan & Co advised the Amran/Narayan Group, its founder shareholders and members and affiliates of the Shah family across both stages of the transaction. The Firm advised on Indian-law transaction structuring and implementation; Indian foreign-exchange regulations and RBI-related matters; Indian competition-law analysis and merger-control approvals; Indian tax structuring and advisory; drafting, reviewing and negotiating the Indian-law aspects of the transaction documents; corporate governance and shareholder arrangements; closing mechanics and coordination across the parallel U.S. and Indian transactions; and post-closing regulatory and corporate filings.

The transaction team consisted of Saswat Subasit (Partner), Unnita Bhattacharya (Principal Associate), Ruturaj Jere (Principal Associate) and Priyal Reddy (Senior Associate). The following provided assistance:

Tax Advisory: Vinita Krishnan (Executive Director) and Sneh Shah (Partner);

Competition and Antitrust Matters: Anshuman Sakle (Partner) and Siddharth Bagul (Principal Associate)

Transaction Documentation and General Corporate Advisory: Saranya Mishra (Principal Associate) and Akhil Wilson Thomas (Senior Associate);

Regulatory Matters: Ravitej Chilumuri (Partner), Manavendra Mishra (Partner), Alok Vajpeyi (Principal Associate)

Chamberlain Hrdlicka and Bradley Arant Boult Cummings served as the U.S. legal counsels to the Amran/Narayan Group.

Lexygen served as the Indian legal counsel to Standex on this transaction.

Foley Hoag and Shugarman Advisors (Competition and Antitrust Counsel) advised as the U.S. legal counsels to Standex on this transaction.

The acquisition involved parallel transactions in the United States and India which, together, constituted the largest acquisitions in Standex’s history.

At first closing, Standex acquired 100% of Amran at the US level and, through its wholly owned Singapore subsidiary, Mold-Tech Singapore Pte. Ltd., acquired 90.1% of Narayan at the India level.

The two transactions closed simultaneously and were announced at a combined enterprise value of approximately $462 million. The consideration for Amran comprised 85% cash and 15% Standex common stock, while the initial acquisition of 90.1% of Narayan was completed for cash consideration of approximately $262 million.

At second closing, Mold-Tech acquired the remaining 9.9% interest in Narayan for approximately $64 million in cash and this completed Standex’s acquisition of 100% ownership of both Amran and Narayan.

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