Amarchand, Sullivan & Cromwell and Jones Day act on mega $2.5 billion Apollo Tyres–Cooper Tire deal; Largest M&A Deal this year

Amarchand Mangaldas, Sullivan & Cromwell LLP and Jones Day acted on Apollo Tyres’ acquisition of US-based Cooper Tire & Rubber Company through its wholly owned subsidiary in an all-cash transaction valued at approximately $2.5 billion (Rs.14,507 crore). This will make Apollo Tyres the seventh-largest tyre company in the world.

Amarchand Mangaldas acted as domestic legal counsel for Apollo Tyres while Sullivan & Cromwell LLP acted as the International legal Counsel.

The Amarchand team was led by Delhi Managing Partner Shardul Shroff while the Sullivan & Cromwell team was led by New York Partners Scott D. Miller and Jay Clayton along with London Financing Partner Presley L. Warner. London Partner Juan Rodriguez advised on the Competition Law aspect.

Jones Day advised Cooper Tire & Rupper Company with a team led by M&A Partners Lyle Ganske and Peter Izanec (Cleveland), along with M&A Partner James Dougherty (Cleveland), Banking & Finance Partner Brett Barragate (New York).

Under the terms of the agreement, Cooper stockholders will receive $35.00 per share in cash, 40 per cent premium to its 30-day volume-weighted average price.

This strategic combination will bring together two companies with highly complementary brands, geographic presence, and technological expertise to create a global leader in tire manufacturing and distribution, according to the company press release.

The deal will also ensure Apollo Tyres’ access to the North American markets where it has a negligible presence. The transaction will be this year’s largest merger & acquisition deal involving an Indian company, reports VCCircle.

The second largest deal was Mylan’s acquisition of Strides Arcolab’s generic injectables unit Agila for $1.6 billion in February. Skadden, Arps, Slate, Meagher & Flom LLP, Slaughter and May and Platinum Partners advised Mylan while DSK Legal and Herbert Smith Freehill advised Strides.