Kishore Biyani’s Future Retail Limited (FRL) has made a filing for approval with the Competition Commission of India for the acquisition of HyperCity Retail India, said AZB & Partners senior partner Ashwath Rau, who advised FRL for the deal.
FRL agreed to purchase HyperCity for ₹6.5 billion (US$99 million) from Shoppers Stop and its parent K Raheja Corp. The company executed a share purchase agreement (SPA) for acquisition of the target’s entire share capital. Rau said a detailed due diligence was conducted prior to the SPA, but could not disclose further details.
When asked for advice for lawyers similarly involved in executing SPAs, Rau said, “No SPA is perfect. Deal making depends on achieving a fair balance whilst protecting your client.”
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