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Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas Advises Evosys India on Slump Sale of Oracle Business to Mastek UK

Mar 02, 2020 16:48 IST 
Mumbai | New Delhi, India

India’s largest law firm Cyril Amarchand Mangaldas acted as the legal counsel to Evosys India Private Limited (Evosys) in relation to slump sale of the Oracle business of its wholly owned subsidiary – Evolutionary Systems Arabia FZ LLC (Evolutionary Systems), to Mastek UK Limited (Mastek UK), for a consideration of USD 64.9 million. Evolutionary Systems is registered under the laws of Dubai Development Authority free zone in United Arab Emirates (UAE).

 

In addition, Evosys entered into a demerger cooperation agreement with Trans American Information Systems Private Limited (TAISPL), a wholly owned subsidiary of listed public company Mastek Limited (Mastek), and Mastek for sale of its entire overseas Oracle cloud implementation business to TAISPL (including ESPL’s investments in overseas subsidiaries) by way of a demerger.

 

The General Corporate Practice of Cyril Amarchand Mangaldas advised on the Transaction. The Transaction Team was led by Akila Agrawal, Partner & Head – Mergers & Acquisitions; and Smruti Shah, Partner; with support from Neham Tayal, Senior Associate; and Shashank Ugrankar, Associate.

 

Other parties and advisors involved in the Transaction included EY (acted as the Investment Banker); Transaction Square LLP (Tax Advisors to Evosys), and DLA Piper (Foreign Counsel to Mastek UK.)

 

The deal was signed on February 08, 2020.

 

About Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas takes forward the legacy of the 103-year old erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co., whose pre-eminence, experience and reputation of almost a century has been unparalleled in the Indian legal fraternity. The Firm is the largest and leading full-service law firm in India, with over 700 lawyers including 130 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.

 

The Firm was awarded flagship country award as being the “Most Innovative National Law Firm of the Year – India for 2018” at the IFLR Asia Awards 2018 & coveted “National Law Firm of the Year 2018 for India” at the Chambers Asia-Pacific Awards.


 
 
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