Norton Rose Fulbright advises Crompton Greaves Limited on €115 million sale of its international power business
Business | July 4, 2016
Global law firm Norton Rose Fulbright has advised Crompton Greaves Limited, an Indian-listed multinational company engaged in the design, manufacture and marketing of products related to power generation and distribution, on the conditional sale of its international power business to First Reserve, a US-based global private equity firm, for an enterprise value of €115 million (USD$126 million).
The sale includes assets across Europe, North America and Indonesia, and is expected to complete in early November 2016.
The transaction, which is subject to regulatory and shareholder approvals, forms part of a wider restructuring of the Crompton Greaves Group and will enable Crompton Greaves Limited to reduce its debt and focus on its core Indian businesses.
The Norton Rose Fulbright team in London was led by partners Sherina Petit and Jason Moss and included partners Dominic Stuttaford (tax) and Caroline May (safety and environment), senior associates Sarah Mathers and Si Xuan Cai, associates George Mason and Lizzie Cox, and trainee solicitor Dominic McDonald. They were assisted by John Boehm, Jr, in Dubai, Christian Filippitsch and Violetta Bourt in Brussels, Karine Montagut in Paris, Dan Wellington in Washington, DC, Christopher Hilbert, Bill Stelwagon, Sheldon Elefant and Sal Favuzza in New York, Andrew Haynes in Rio de Janeiro and Troy Ungerman in Canada.
Jason Moss said: “We were delighted to assist Crompton Greaves Limited on this transaction. It enables them to concentrate their resources and invest in their faster growing Indian business, where the wider power market continues to expand.”
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