Global investment firm KKR has made a significant move in the Indian market by acquiring a majority stake in LEAP India, a pallet pooling platform, for a reported figure above $350 million. The legal matters in this transaction are being overseen by Simpson Thacher & Bartlett and AZB & Partners on behalf of KKR, while LEAP India is being advised by boutique Indian law firm, Anagram Partners. Law.com reports the deal is due to be finalized in the third quarter of this year, pending customary pre-closing and closing conditions.
LEAP India offers a range of supply chain solutions catering to e-commerce, food and beverages, fast-moving consumer goods and automotive business groups across its network of 21 warehouses throughout India. The deal is part of KKR’s wider Asia infrastructure strategy, following a series of investments in the Indian market.
Notably, the Simpson Thacher team’s long-standing relationship with KKR is evidenced through their participation in numerous previous deals, including the $450 million joint investment with Indian motorcycle maker Hero Group in renewable energy venture Hero Future Energies. Simpson Thacher’s Kathryn King Sudol is now the general counsel for KKR.
AZB & Partners, having served KKR in multiple Southeast Asian investments, has been instrumental in facilitating KKR’s reception of a $175 million investment from Ontario Teachers’ Pension Plan Board into their Indian road assets last year.
Significant financial movements are also evidenced by American investment bank Jefferies, who is reportedly strengthening its Indian presence with the hiring of senior investment bankers. Law firms AZB and Cyril Amarchand Mangaldas are regular advisors to Jefferies.
The Indian market has seen impressive growth in recent years, offering law firms both international and regional substantial opportunities. The thriving sectors include but are not limited to deals relating to e-commerce, consumer, infrastructure, manufacturing, supply chain, and technology.
This boom led to the Bar Council’s decision this year to liberalize the local legal market. After more than two decades of deliberation, foreign law firms are now allowed to set up offices in India, further opening the gateway for international investors.