M&A

M&A

France's Groupe ADP to fold airport JV into GMR Airports Infrastructure To invest Rs.2,900-Cr via

Press Release   BSE Announcement  

GMR Airports Limited is to merge into publicly listed GMR Airports Infrastructure Ltd. France-based Groupe ADP owns 49% stake in the unlisted GMR Airports Ltd, and the balance 51% is already owned by the acquirer. Upon completion of the merger, GMR Group will own 33.7% in GMR Airports Infrastructure and Groupe ADP 32.3%, with the public holding 34.0% . Further, ADP will invest Euro 331 million (INR 2,900 Cr or ~USD 355 million) in foreign currency convertible bonds issued by GMR Airports Infrastructure, with the proceeds used by the Indian company to clear its balance sheet by repaying corporate debt and also settling a major part of its liabilities. ICICI Securities, Morgan Stanley India, Ernst & Young and KPMG were financial advisors to the deal (for valuation and fairness opinion on the merger ratio). Shardul Amarchand Mangaldas & Co (SAM) acted as the legal advisor.