January – March 2017 - SKP · PDF fileTikona Digital Networks PvtLtd, 4G Business....

Investment Chronicle

January – March 2017

skpgroup.com

Foreword 03

Quarterly Compass 04

Deal Trends 05

Sectoral Insights 06

Mergers and Acquisitions 08

Equity Investments 11

Private Equity Exits 13

The Indian Terrain 15

Cross-border Transactions 16

SKP Transaction Advisory 17

Publications 18

Disclaimer: SKP’s Investment Chronicle summarises the list of deals announced based on information available in the public domain and the VCCEdge database. For our analyses, we have referred to information from media reports, the Department of Industrial Policy and Promotion (DIPP), the Reserve Bank of India (RBI) and other government sources.

AcknowledgmentHarshal Choudhary Ruchita Rathor Kritika Rathi

Contents INVESTMENT CHRONICLE: January – March 2017

Deepti AhujaSenior Partner and Vice President Global Sales, Business Advisory, Indirect Tax and Transfer PricingSKP Business Consulting LLP

© 2017 SKP Business Consulting LLP. 3

Foreword INVESTMENT CHRONICLE: January – March 2017

We are pleased to present the fifth edition of SKP Investment Chronicle – our quarterly update that focuses on the deal-making landscape in India, comprising Mergers and Acquisitions (M&As) and Equity Investments and Exits. In this report, we look at India’s transactions arena in the first quarter of 2017.

2016 ended by surpassing the milestones of last five years, with M&As witnessing record high deals on account of consolidation. The first quarter of 2017, armed with the Vodafone-Idea merger, began with breaking these records.

At USD 23 billion from 567 deals, the overall performance of the deal landscape did not deviate much from the momentum set by the previous two quarters. The wave of consolidation and debt reduction driven transactions is expected to continue this year too as market players get ready to secure their position in an increasingly competitive environment.

Even as investors continue to cautiously evaluate opportunities with a shifting focus on profitability and sustainability, equity investments appear to be gradually moving along a growth trajectory. An abundance of funds coupled with viable investment prospects hopes to bring about an improvement in this segment in 2017. Private equity exits this year are also expected to follow the trends of 2016. Existing investors are increasingly opting for alternative exit routes as these avenues reciprocate with returns and liquidity currently unavailable in private markets.

Deal Value Mix

Source: SKP analysis

Particulars 2016 Q4 2016 Q1 2017 Movement*

Mergers & Acquisitions 918 224 226 1%

Equity Investments 1,212 289 264 -9%

Private Equity Exits 245 47 77 64%

Total 2,375 560 567 1%


* The movement mentioned above is a comparison between Q4 2016 and Q1 2017.

Deal Volume Mix

Particulars 2016 Q4 2016 Q1 2017 Movement

Mergers & Acquisitions 59,770 20,491 15,997 -22%

Equity Investments 13,360 4,707 5,547 18%

Private Equity Exits 6,850 1,048 1,563 49%

Total 79,880 26,246 23,107 -12%

USD millionAverage

EInv Deal Value

USD 21.01 million

Top PEE Deal Value

USD 0.19 billion

Average M&A Deal

Value

USD 70.78 million

Top FDIInflow by

Sector

Service

Top Indian State by

deal value

Maharashtra

Hot Sector

Telecommunication

Top M&A Deal value

USD 12.40billion

Emerging Segment

Fintech

M&A CAGR

(4 years)

26%

Top Outbound

Partner

Finland

Top EInvDeal value

USD 1.80 billion

EInvCAGR

(4 years)

20%

M&A - Merger & Acquisitions EInv - Equity Investments PEE - Private Equity Exits

© 2017 SKP Business Consulting LLP.

Quarterly Compass INVESTMENT CHRONICLE: January – March 2017

Private Equity ExitsEquity Investments (EInv)

Overview Mergers And Acquisitions

4,706 8,924

5,720

24,635 20,491

15,997 5,197

3,381

2,674

2,598 4,707

5,547

1,836 2,014

1,060

2,729

1,048

1,563

Q1 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

PEE

EInv

M&A

615

1,826 4,856

2,965

20,431

3,578

13,565

2,298 435

1,404

2,738

13,823

1,092

433 2,240

721

1,188

653

1,055

149

1,393 631

277

2,437

285

Q1 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

M&A Outbound Inbound Domestic

2,512

1,419 745

1,184

2,885

961

348

452

978 287

170

1,745

1,676

1,122

516 824

591 661

661

388

434 303

1,061 2,180

Q1 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Others Venture Capital & Debt Public Equity Private Equity

41

1118

250

1692

501

45

1,483

233

715

639

468 1,306

131 410

65

32

40

67

180 254

31

365

38

145

Q1 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Others Secondary Sale Open Market M&A

Deal Trends INVESTMENT CHRONICLE: January – March 2017

© 2017 SKP Business Consulting LLP.Source: SKP Analysis

(All figures in USD Million)

Telecommunication

Energy

IndustrialConsumer Staples

Consumer Discretionary

Financials

Materials

Healthcare

Information Technology

M&A USD 1,290 million 62 Deals

Einv USD 490 million 142 Deals

PEE USD 3 million 18 Deals

M&A USD 490 million 25 Deals




Einv - -

PEE - -


Einv USD 2,846 million 21 Deals






Einv USD 1,003 million 3 Deals











Bird’s Eye View



PEE Undisclosed 1 Deal

Utilities

Sector Insights INVESTMENT CHRONICLE: January – March 2017

© 2017 SKP Business Consulting LLP.M&A - Merger & Acquisitions EInv - Equity Investments PEE - Private Equity Exits

Source: SKP Analysis

SectorQ1 2015 Q1 2016 Q4 2016 Q1 2017 Weights Movement in

value*Value Deals Value Deals Value Deals Value Deals Q4 2016 Q1 2017

Consumer Discretionary 1,694 133 2,676 124 1,781 95 941 77 7% 4% -47%

Consumer Staples 495 30 276 34 144 23 69 33 1% 0% -52%

Energy 40 6 1,302 5 11,977 5 5 3 46% 0% -100%

Financials 1,972 92 1,215 79 2,246 61 3,770 73 9% 16% 68%

Health Care 1,126 55 707 54 2,949 43 1,102 52 11% 5% -63%

Industrials 2,278 74 381 81 4,880 66 884 56 19% 4% -82%

Information Technology 2,891 219 3,458 201 1,472 226 1,783 222 6% 8% 21%

Materials 489 37 3,581 32 466 26 257 26 2% 1% -45%

Telecommunication 262 6 657 7 28 4 13,862 10 0% 60% 49,407%

Utilities 493 20 68 14 303 11 433 15 1% 2% 43%

Total 11,739 672 14,320 631 26,245 560 23,107 567 100% 100% -12%


* The movement mentioned above is a comparison between Q4 2016 and Q1 2017

Sectoral Panorama USD million

Sector Insights INVESTMENT CHRONICLE: January – March 2017


8

Keeping momentum with the outstanding performance of mergers and acquisitions in 2016, Q1 2017 also appears to be off to a good start, with 260 deals amounting to USD 16 billion.

Following the past trends wherein a few high value deals significantly raised the aggregate M&A numbers, this quarter’s high deal value is a result of just one such deal – the Vodafone-Idea merger alone accounts for 75% of the total M&A value this quarter. Excluding this deal, mergers and acquisitions fell to less than half from Q1 2016.

Major deals have taken place in the Telecommunications sector over the past year to survive the competitive environment brought on by Jio. Market players have been restructuring their businesses through consolidation, sale of assets and deleveraging in a bid to achieve financial stability and operational synergies.

Small target exemptions available under the Competition Act have been extended to mergers and amalgamations, reducing regulatory burden associated with these transactions.

The government’s move to abolish the Foreign Investment Promotion Board is expected to boost investments in the country. 2017 will most likely observe M&A as the preferred route for Foreign Direct Investment (FDI) as more transactions are undertaken for consolidation and sustainability in sectors such as e-commerce and telecommunications.

Transactions effecting sale of distressed assets are also expected to continue.

Total Deal Volume 226

Total Deal ValueUSD 15,997 million

Top SectorTelecommunication

Top RegionMaharashtra

Top Outbound CountryFinland

Deal Buyer Target Type Value % Sought Sector

1 Idea Cellular Ltd Vodafone India Ltd Domestic 12,400 100 Information Technology

2 Motherson Sumi Systems Ltd PKC Group PLC Outbound 609 100 Information Technology

3 Bharti Airtel Ltd Tikona Digital Networks Pvt Ltd, 4G Business Domestic 245 100 Telecommunication

Services

4 Havells India Ltd Lloyd Electric and Engineering Ltd, Consumer Durables Business Domestic 231 100 Information Technology

5 Piramal Enterprises Ltd Mallinckrodt LLC, Spasticity and Pain Management Portfolio Outbound 203 100 Health Care

Top M&A Deals

Mergers and Acquisitions INVESTMENT CHRONICLE: January – March 2017


USD million


9

Prime Deals INVESTMENT CHRONICLE: January – March 2017


SECTOR DEAL TYPEDEAL VALUE

% SHARE RATIONALE

Target: Vodafone India Ltd

Buyer: Idea Cellular Ltd

Telecommunication Services

USD 12,400 million

100%

Domestic

Domestic consolidation

DEAL HIGHLIGHTS The merger between the Indian subsidiary of the British telecom giant Vodafone Group and Aditya Birla Group’s Idea Cellular emerges as the largest deal in a sector flourishing with transactions.

With the advent of Reliance Industries’ Jio, the industry is revolutionising itself, as market players undertake massive restructuring to battle competition. In one such move, the Vodafone-Idea merger would create the largest telecom company in India, with over 400 million customers and 41% revenue market share. The combined entity, aimed at expanding the pan India mobile network and 3G/4G footprints, would benefit from customer, capex and infrastructure synergies. Operational efficiencies to be achieved through the combination would enable the company to service customers with improved quality at competitive prices.

Both Vodafone and Idea will continue to provide services under their respective brands post closure of the transaction.

• Larger customer base and revenue share

• Competitive pricing and operational synergies

• Investment in expansion and operations without assistance of the parent groups

• Vodafone will get a listing in India through shares in Idea, which is already listed

• Deconsolidation of Vodafone’s large India debt from its parent company

Benefits of Merger

Idea Cellular Vodafone IndiaAcquisition of Vodafone India Ltd and Vodafone Mobile Services Ltd

Shares in combined entity

Valuation

Exclusions from Transaction

Post-merger shareholding in combined entity

USD 10.8 billion USD 12.4 billion

11.5% stake in Indus Towers Ltd 42% stake in Indus Towers Ltd

26% 45.1%

* Idea will issue equity shares of the combined entity to Vodafone. Remaining shares will be held by public. Shareholding of Idea and Vodafone is to beequalised within 4 years post completion of transaction.

Tran

sact

ion

Stru

ctur

e


% SHARE RATIONALE


% SHAREAsset acquisition

10

Target: Tikona Digital Networks Pvt Ltd, 4G Business

Buyer: Bharti Airtel Ltd

Target: PKC Group plc

Buyer: Motherson Sumi Systems Ltd

InformationTechnology

USD 609 Million

100%

Outbound


100%

DomesticUSD 245 Million

Noida based Motherson Sumi Systems Ltd, a prime player in the auto components industry acquired PKC Group plc, a Finnish manufacturer and supplier of wiring harness and associated components for commercial vehicle and locomotive manufacturers.

Marking its 16th acquisition since 2002, this highly acquisitive company has developed its presence globally through inorganic growth.

This deal is expected to be immensely lucrative and open various new avenues for Motherson Sumi in terms of both geographical presence and synergy in product segment.

With 20 manufacturing facilities, PKC Group has growth plans in China to further its existing global presence, which is majorly in America and Europe. Active interest shown by the target’s international clients will also provide an opportunity for Motherson to participate in the modernisation programme of Indian railways.

Adding to the flurry of deals seen in the Indian Telecommunication industry in the last year is the acquisition of Tikona Digital Network’s 4G business by Bharti Airtel. The acquisition, which includes Tikona’s broadband wireless access spectrum and 350 cellular sites in 5 telecom circles, is aimed at strengthening Airtel’s portfolio and improving its capacity to offer data, in order to face the increasingly aggressive competition induced by Jio and the Vodafone-Idea merger.

On securing airwaves in only 4 of the 22 circles in the 2010 auctions, Bharti Airtel began acquiring companies with 4G spectrum, Tikona being its fifth such acquisition. It is expected to commence 4G services in these 5 acquired circles (in Gujarat, Uttar Pradesh, Himachal Pradesh and Rajasthan) immediately on closure of the transaction.

Product and Market expansion

DEAL HIGHLIGHTS

DEAL HIGHLIGHTS



RATIONALE

11Source: SKP analysis

After the total deal value almost doubling in the previous quarter from Q3 2016, Equity Investments are inching towards growth and rebuilding the market, displaying a further ~20% growth in the current quarter. Usually dominated by Private Equity investments, this quarter witnessed transactions in Public Equity take a lead.

The surge in value is driven by big ticket transactions.Sectors such as Information Technology, Financials and Telecommunications observed the most amount of activity. Secondary sales by existing PE investors as well as promoters have formed part of several large deals, with an aim to reduce debt.

Although investors may continue to be cautious with deployment, abundant access to funds may boost investments this year. Increase in exits in the previous year is expected create room for new qualitative investment opportunities. Government initiatives like the National Investment and Infrastructure Fund, Make-In-India and Startup India aim to encourage investors and aid financing. Financial services and healthcare are expected to lead private equity investments, with financial and health technology expected to attract more funding through venture capital. However, macro factors such as implementation of economic reforms and clarity in

global economic and political situation will largely determine deployment of funds.

Total Deal Volume 264


Top SectorFinancials

Emerging SectorTelecommunication Services

Top RegionHaryana

Deal Investor Target Type Value % Sought Sector

1 GIC Pte Ltd DLF Cyber City Developers Ltd Real Estate 1800 40 Financials

2 KKR India Advisors Pvt Ltd, CPPInvestment Board Bharti Infratel Ltd Public Equity 946.4 10.3 Telecommunication

Services

3 CPP Investment Board, Quebec Deposit and Investment Fund Kotak Mahindra Bank Ltd Public Equity 338.8 1.5 Financials

4 Blackstone Advisors India Pvt Ltd L and T Seawoods Ltd Real Estate 211.5 NA Financials

5 True North Managers LLP KIMS Healthcare Management Ltd Private Equity 200 NA Health Care

Top Equity Investment Deals USD million

Equity Investments INVESTMENT CHRONICLE: January – March 2017



% SHARE RATIONALE


% SHARE RATIONALE

12

Target: Bharti Infratel

Investors: KKR India Advisors Pvt Ltd, CPP Investment Board

Target: DLF Cyber City Developers Ltd

Investors: GIC Pte Ltd

Finance USD 1,800 Million

40%

TelecommunicationServices

10.3%

USD 946.4 Million

Singapore based firm, GIC Pte Ltd has acquired 40% stake in DLF Cyber City Developers Limited for USD 1,800 million. DLF Limited continues to own the balance 60%. The money raised through sale of stake will be utilised to reduce debt of the parent company. DLF Ltd’s debt at the end of the third quarter of 2016 stood at USD 3,670 million approximately. Apart from selling stake, the company also sold its non-core assets and underwent restructuring to reduce its debt.

The debt reduction will be a two step transaction. Out of USD 1,800 million, ~USD 1500 million will be used to issue preferential shares of DLF limited to promoters. The company will further raise ~USD 450 million from institutional investors also through issue of preferential shares of DLF limited. These fundraising activities are expected to reduce the debt of DLF Limited partially.

GIC’s first collaboration with DLF was its investment in DLF Developers Limited in 2015 and both companies have indicated interest since that time in future collaborations.

Bharti Airtel, India’s largest telecom provider, has been undertaking deals with a view to strengthen its position in the increasingly competitive market. In addition to acquiring Tikona’s 4G spectrum business, the company has sold 10.3% stake in its telecom tower arm Bharti Infratel to a consortium of investors comprising KKR India Advisors Pvt Ltd and CPP Investment Board, despite lower valuation.

The proceeds from the sale may be used to repay debt and invest in strengthening infrastructure in order to counter competition. The return of long term investors such as KKR echoes the confidence they have in the country’s future growth and its telecom infrastructure segment.

While Bharti Airtel chose not to sell a controlling stake in the company, it may consider to do so at a better valuation in the future. As margins grow smaller and competition soars, Indian companies are divesting their infrastructure arms to fall in line with global practices, wherein telecom towers are owned and maintained by individual tower companies.

Debt Reduction

Real Estate

Public Equity

Debt Reduction

DEAL HIGHLIGHTS

DEAL HIGHLIGHTS



13Source: SKP analysis

Reaching a five year high at USD 6.8 billion, private equity exits in 2016 observed the emergence of mergers and acquisitions and open market sales as preferred routes of exit. Q1 2017 has followed stead with 77 exit deals clocking USD 1.56 billion.

Investors who initially made investments at high valuations have observed the values go down industry-wide in recent times. With a gradual stabilisation of aggressive valuations and financial investors adopting a cautious approach in laying further bets, existing investors are heavily relying on other exit routes to tap desired multiples.

A wave of consolidation in the industry as well as foreign investors opting for inorganic route to enter the Indian market are fuelling exits through mergers and acquisitions.

Largely filling the gap in Q1 2017, however, were open market sales, accounting for more than 80% of the value of exits. Investors are opting for exits through secondary and open market sales as they continue to bring better returns and liquidity in comparison to the private market. A number of private equity backed companies are expected to line up IPOs this year as investors increasingly look towards capital markets to

exit.

Healthcare and financials have yet again surfaced as top sectors where investors have achieved returns, while sectors such as manufacturing and infrastructure have not proven easy to exit. However, regulatory developments in FDI policy, Real Estate Investments Trusts and Infrastructure Investment Trust regimes may brighten the horizon for investors.

Total Deal Volume 77 deals


Top SectorFinancials

Emerging SectorHealthcare

Top RegionMaharashtra

Deal Seller Target Type Value % Sought Sector

1 Providence Equity Partners LLC Idea Cellular Ltd Open Market 192.63 3.33 Telecommunication Services

2 Khazanah Nasional Berhad Apollo Hospitals Enterprise Ltd Open Market 160.06 6.07 Health Care

3 Carlyle Asia Growth Partners III LP Edelweiss Financial Services Ltd Open Market 129.81 8.19 Financials

4 Norwest Venture Partners X LP IndusInd Bank Ltd Open Market 125.49 1.26 Financials

5 Hero MotoCorp Ltd GIC Pte. Ltd Open Market 113.58 1.21 Consumer Discretionary

Top Equity Investment Deals USD million

Private Equity Exits INVESTMENT CHRONICLE: January – March 2017



% SHARE RATIONALE


% SHARE RATIONALE

14

Target: Apollo Hospitals Enterprise Ltd

Seller: Khazanah Nasional Berhad

Target: Idea Cellular Ltd

Seller: Providence Equity Partners LLC


USD 192.6 Million

3.33%

Healthcare

6.07% Focus on own business

Open MarketUSD 160.06 Million

Private Equity firm Providence Equity Partners LLC sold its remaining stake in Idea Cellular for USD 192.6 million to multiple investors through open market transaction.

The investment in Aditya Birla Group’s Idea was made 10 years back for 15% of the company at USD 400 million, and the stake was subsequently diluted as Idea went through an IPO. After selling 2.4% stake in 2014 and 3.47% in 2016, the PE investor has now sold its remaining stake in the telecom service provider. The value of its investment in local currency doubled over the last decade and earned the firm an internal rate of return of over 10%.

The PE firm’s investments are focused in the telecom, media and technology sectors. This exit could be a step towards swapping its stake in Aditya Birla Telecom Ltd for an investment in Indus Towers Ltd.

Integrated (Mauritius) Healthcare Holding Ltd (IHH), an affiliate of the Malaysian sovereign wealth fund Khazanah National Berhad, has partially exited its investment in the country’s largest hospital operator, Apollo Hospitals Enterprise Ltd by selling 6.05% stake through open market transaction. It continues to hold 4.78% stake. In addition to the remaining stake, IHH also continues to run two hospital assets in a joint venture with Apollo.

The investment, initially made by Khazanah in 2005 and 2008, was transferred to IHH in 2011. The investor has made around five times of the initial investment and an internal rate of return of 20%.

While the exit enables Khazanah to recover its principal and maximise returns to shareholders, it will also allow the investor to concentrate on its independently owned businesses in India, such as IHH’s majority holding in Continental Hospitals and Global Hospitals.

Open Market

Execute complete exit

DEAL HIGHLIGHTS

DEAL HIGHLIGHTS



Consumer Discretionary

Top Sectors

48 deals 16 deals 4 deals

5 deals 9 deals

15

Top Sectors


14 deals 9 deals


Haryana

M&A USD 467 million 16 deals

PEI USD 2,937 million 20 deals


Top Sectors


3 deals 5 deals

Delhi


PEI USD 161 million 26 Deals


Top sectors


5 deals 4 deals

Tamil Nadu


PEI USD 69 million 11 deals

PEE USD 359 million 10 deals

Materials Consumer Staples

IT & ITES

Financials

Healthcare

Utilities

Industrials

Top five states by transactions(Domestic + Inbound Deals)

Top Sectors


7 deals 4 deals

Maharashtra


PEI USD 1,138 million 70 Deals


Karnataka


PEI USD 546 million 52 deals

PEE USD 50 million 12 deals

The Indian Terrain INVESTMENT CHRONICLE: January – March 2017


Source: SKP analysis16

FINLAND

Motherson Sumi Systems Ltd acquired PKC Group PLC

Deal value: USD 609 Million % Sought: 100

Sector: Information Technology

Motherson Sumi System Ltd, a prominent player in the auto component industry with a history of growing inorganically globally, acquired PKC Group PLC. This deal, aimed at achieving growth through synergies in terms of both geographic presence and product development, marks Motherson Sumi‘s 16th

acquisition. It also presents an opportunity for Motherson to participate in mordernisation programme of Indian Railways.

Piramal Enterprises Ltd acquired Mallinckrodt LLC, Spasticity and Pain Management Portfolio


Sector: Healthcare

Piramal’s critical care business, a leading global player in the hospital generics segment and world's third largest producer of inhaled anaesthetics, acquired the drugs portfolio for spasticity and pain management from Mallinckrodt LLC. This is Piramal Group’s seventh addition to the list of acquisitions in the pharma sector for niche capabilities and manufacturing facilities. The deal, a step towards Piramal’s plans to separate and list its financial services and pharmaceuticals business, will help the company gain market share in the US pharma market and increase its presence in Europe.

Aurobindo Pharma Ltd acquired Generis Farmaceutica S.A.

Deal value: USD 143 Million % Sought:100

Sector: Healthcare

Aurobindo Pharma acquired Generis through its subsidiary Agile Pharma BV Netherlands. With this acquisition, Aurobindo will be able to strengthen its position as a top player in the Portugese generics market with Generis‘s well recognised brand and strong product portfolio.

The Aurobindo group will hold a huge share in the generic pharmaceutical market with a portfolio of 271 generic products. Aurobindo has been focusing on expanding its reach in Europe since 2006 through various acquisitions.

The Hi-Tech Gears Ltd acquired TeutechIndustries Inc


Sector: Consumer Discreationary

Teutech Industries Inc has joined Hi Tech Gears, a manufacturer of a wide range of auto components. Through this merger, Teutech Industries would be able to expand its global presence and achieve its target of being a globally recognised organisation.

Mahindra and Mahindra Ltd acquired HisarlarInc

Deal value: USD 19Million % Sought: 75.1

Sector: Industrials

M&M has taken one more step towards achieving its global vision by acquiring stake in Hisarlar Inc. The acquisition will help M&M to enter Europe and CIS market. Also, Hisarlar’s network in Turkey will help M&M to build its brand and eventually launch tractors in the Turkey market. The company is also planning to enter into Brazil and Egypt markets this year.

Sector Country Volume USD (million)

USA 9 8

Singapore 4 NA

UK 3 203

Top countries by deal volume

Cross-border Transactions INVESTMENT CHRONICLE: January – March 2017

THE UNITED KINGDOM

CANADA

PORTUGAL

TURKEY


17

Since inception, our founders have emphasised on professional standards and personalised service; and we continue to reflect this progressive mind-set by offering customised solutions to our clients across diverse industries with quality, integrity and respect.

Stemming from our client’s needs, we provide services that address all aspects relevant to a business right from conceptualisation to implementation and continuance.

Set and define the objective

Partner identification

Initial handshake

Valuation Binding Term Sheet

Due Diligence

Post- acquisition integration and implementation

of harvesting synergies

Transaction Closure

Regulatory clearances

Final handshake (definitive

agreement)

Transaction structuring

Final negotiation

SKP Transaction Advisory INVESTMENT CHRONICLE: January – March 2017


18

Other Publications

Investment Chronicle: July-September 2016 Investment Chronicle: Q1 2016

Medical Device Monitor Doing Business in India Union Budget 2017 Global Expansion Updates

Publications INVESTMENT CHRONICLE: January – March 2017


Investment Chronicle 2016

19

We are a long established and rapidly growing professional services group located in six major cities across India, with India desks in Chicago, Toronto and Dubai. We specialise in providing sound business and tax guidance and accounting services to international companies that are currently conducting or initiating business in India as well as those expanding overseas.

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About SKP INVESTMENT CHRONICLE: January – March 2017


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