Deal Closed | Navico Holding AS | Sale of C-MAP Commercial Marine Business to Lloyd’s Register Group Limited

The details of the deal are as under:

Navico Holding AS | Sale of C-MAP commercial marine business to Lloyd’s Register Group Limited Sector 

Sector: Shipping 

Announcement Date: 04-Dec-20

Name of Client: Navico Holding AS 

Buyer Details: Lloyd’s Register Group Limited | USA  

Seller Details: Navico Holding AS | Sweden  

Navico is a specialist marine electronics company providing navigation, marine instruments and fish finding equipment to both the recreational and commercial marine sectors. The Navico Recreational Marine Division is one of the world’s largest providers of leisure marine electronics.  

C-MAP is a leading provider of commercial marine cartography and digital publications, shore-side and shipside voyage optimization, cloud-based fleet management and fleet analytics software. 

Deal Description: Lloyd’s Register Group Limited has agreed to purchase Navico Group’s C-MAP commercial marine business comprising of assets across various jurisdictions including India. C-MAP is a leading provider of commercial marine cartography and digital publications, shore-side and shipside voyage optimization, cloud-based fleet management and fleet analytics software. 

C-MAP’s commercial products and services have been part of the Navico Group, the world’s largest manufacturer of marine electronics, since 2016. The sale includes C-MAP’s charts and publications, route planning and fleet management, weather services, professional services, and marine hydrographic services. 

As part of the global transaction, the Indian business of C-MAP along with assets and employees will be transferred to Lloyd’s Register Group Limited at closing. 

Total Consideration: Confidential 

Team Members: The core transaction team comprised of Rabindra Jhunjhunwala (Partner), Malav Shah (Counsel), Abhishek Rao (Associate) and Amiya Kumar Pati (Associate) with assistance from the following: 

Employment Law aspects: Anshul Prakash (Partner), Abhimanyu Pal (Senior Associate) and Kruthi Murthy (Associate); 

Direct and Indirect Tax: Dinesh Kumar Agrawal (Executive Director), Vinita Krishnan (Director) and Sanket Shah (Principal Associate); and 

Data Privacy aspects: Supratim Chakraborty (Partner) 

Role of Firm: Khaitan & Co acted as Indian legal counsel to Navico Holding AS in relation to sale of business of its Indian subsidiary. The Firm in collaboration with Wiersholm worked on structuring of the business transfer and advised on tax structuring, valuation of business and employee transfer related aspects of the transaction. 

The core team assisted in drafting the global Asset Sale and Purchase Agreement and the Indian business transfer agreement. 

Other legal advisors if any with names of Lead Lawyers 

Advokatfirmaet Wiersholm AS acted as lead counsel for Navico. Wiersholm team comprise of: Gunhild Dugstad (Lawyer in Charge); Ingjerd Røynås (Partner, Wiersholm); Bernhard Getz (Senior Associate, Wiersholm); Helene Stahl (Associate, Wiersholm); and Mats Aas Larsen (Associate, Wiersholm) 

Unique Feature of Transaction: The transaction is a global asset sale across multiple jurisdictions with a combination of entity transfer and assets transfers. The sale of Indian business of the Indian subsidiary is structured and linked to global sale. 

Innovative Feature of the transaction: The Indian business transfer is structured after considering the transfer pricing requirements and tax implications in India.