Business Wire IndiaCyril Amarchand Mangaldas acted as legal counsel for Blackstone Advisors India Private Limited (Blackstone) on its acquisition of International Gemological Institute Group (IGI Group). IGI Group is engaged in the business of grading and issuing certification reports relating to natural diamonds, lab-grown diamonds, coloured stones, and jewellery. They have 29 laboratories and 18 education facilities in major diamond and jewellery centres around the world.
As part of the transaction, Blackstone, through its company in Singapore, BCP Asia II Topco Pte. Ltd., acquired the IGI Group through acquisition of the entire shareholding of International Gemological Institute India Private Limited, International Gemological Institute, Belgium, IGI Netherlands B.V. and their respective subsidiaries (11 in total) from its current shareholders Alpha Yu B.V. (part of Fosun Group) and Lorie Holding B.V (special purpose vehicle of Roland Lorie,).
The General Corporate Practice of Cyril Amarchand Mangaldas advised Blackstone on the transaction. The transaction team was led by Shishir Vayttaden, Partner; Aditi Singhvi, Partner; with support from Amanee Kadakia, Associate; and Sampurna Kanungo, Associate.
The legal diligence was led by Aditi Singhvi, Partner; with support from Alexander Kynjing, Consultant; Amanee Kadakia, Associate, Sampurna Kanungo, Associate; Anjali Kumari, Associate; Suja Nair, Associate; Gitika Lahiri, Associate; and Khushi Maheshwari, Associate.
The employment advisory and labour law related diligence was led by Bishen Jeswant, Partner; with support from Akash Mishra, Senior Associate; Anushka Dua, Associate; Siddhi Kochar, Associate; and Sonam Ambastha , Associate.
The real estate diligence was led by Mudit Shah, Partner; with support from Praharsh Vyas, Principal Associate; and Jainam Shah, Senior Associate.
The data protection and security aspects of the diligence was led by Arun Prabhu, Partner& Head – Technology & Telecommunications; with support from Arpita Sengupta, Senior Associate; Soumya Tiwari, Associate; and Sabreen Hussain, Associate.
Avaantika Kakkar, Partner & Head – Competition Law; and Kirthi Srinivas, Partner; advised on the competition law aspects of the transaction.
Other parties to the transaction included Simpson Thacher & Bartlett (acted as international legal counsel for Blackstone), KPMG (acted as financial and tax advisor for Blackstone), Deutsche Bank (acted as deal manager for sellers), Ernst & Young (acted as financial advisor for Alpha Yu B.V.), Deloitte Consulting (Shanghai) Company Limited (acted as financial advisor for Alpha Yu B.V.), and Freshfields Bruckhaus Deringer (acted as legal counsel for Alpha Yu B.V. ) .
The Transaction was signed and closed on 19th May 2023