BlackRock will end its joint venture with DSP Group in the mutual fund, asset management and alternate investment fund businesses, and sell its 40% minority stake to the founders of DSP and its group entities.
DSP BlackRock managed assets worth ₹1.1 trillion (US$16.5 billion) as of 30 April and its products had two million investors. “After nearly a decade of partnership, it is time for the DSP Group and BlackRock to take different paths,” said Ryan Stork, the chairman of BlackRock Asia-Pacific. “BlackRock is committed to the India market for the long term.”
“Trilegal was a strategic adviser to BlackRock during the entire period of commercial discussions,” partner Yogesh Singh told Asia Business Law Journal. “Post term-sheet, Trilegal worked with a Skadden Arps team in negotiating and finalizing the transaction documents. [Our] tax team was also involved in advising Blackrock … the antitrust team analysed the merger control approval requirements for the deal.”
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