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The Competition Commission of India (CCI) today unconditionally approved the merger of the telecommunications businesses of Vodafone India Limited, and its wholly-owned subsidiary Vodafone Mobile Services Limited, with Idea Cellular Limited.
The USD 23 billion transaction is the largest transaction by value in the history of Indian M&A.
Shardul Amarchand Mangaldas and Trilegal acted on the competition law aspects of the deal and secured CCI’s approval for the deal.
The deal required a complex merger notification, in a detailed Form II filing, to be filed with the Commission, including a detailed assessment of the interplay between economics, competition law and telecom laws and regulations in India.
Speaking to Bar & Bench, Trilegal Competition Head and Counsel for Idea, Nisha Kaur Uberoi said,
“This is an excellent and progressive outcome. The CCI has firmly established itself as a pro-business regulator and recognised the evolving nature of the sector as well as significant synergies the Idea-Vodafone merger will bring to the telecom industry, the consumer and the country.”
Shardul Amarchand Mangaldas team included Partner Shweta Shroff Chopra along with Principal Associate Yaman Verma, Senior Associates Aman Singh Sethi and Toshit Shandilya and Associates Neetu Ahlawat and Geet Sawhney.
Commenting on this development, Shweta Shroff Chopra, Partner, Shardul Amarchand Mangaldas said,
“The CCI approval, within Phase 1, is a very welcome development for both the Indian M&A landscape and the telecom sector, and will serve to fuel more investment in capacity and coverage across a battling telecom sector in India.”
The Trilegal team was led by Partner and Competition Law Head Nisha Kaur Uberoi along with Counsel Soumya Hariharan, Senior Associate Nandita Sahai, and Gautam Chawla and Associates Atreyee Sarkar and Ankita Gulati.
Vodafone Legal Team
S&R Associates is advising Vodafone while Slaughter and May is the international counsel.
Idea Legal Team
Vaish Associates is advising Idea on the corporate aspect of the deal. Bharucha & Partners is doing the due diligence for Idea.