Deal closed | RP – Sanjiv Goenka Group | Acquisition of license to print and publish the Fortune India magazine

The details of the deal are: 

Sector: Media and Entertainment

Completion date: 1st July 2020

Name of client: RP – Sanjiv Goenka Group (“Client”)

RP-Sanjiv Goenka Group is one of India's fastest growing conglomerates with a significant global presence. The Group's businesses include power and energy, carbon black manufacturing, retail, IT-enabled services, FMCG, media and entertainment, and agriculture.

Name of counter party: 

1. Fortune Media IP Limited; and
2. Business Media Private Limited (“Company”) and its shareholders

Deal description: Advised and assisted RP – Sanjiv Goenka Group in relation to acquisition of license to print and publish the Fortune India magazine through acquisition of 100% shares of Business Media Private Limited (erstwhile holder of the license granted by Fortune Media IP Limited (an assignee of Time Inc)). 

Total consideration: Confidential

Deal team members: Core transaction team consists of Anuj Shah (Partner) Supratim Chakraborty (Partner), Sumantra Bose (Senior Associate) and Riya Dutta (Associate). 

Due diligence assistance was provided by Pratik Jain (Associate) and Anwesha Sinha (Junior Associate); Intellectual property related assistance was provided by Sourav Dan (Senior Associate); and execution and closing related assistance was provided by Vivekanand Bharadwaj (Associate).

Role of the firm: We acted as the transaction counsel to the Client and our responsibilities were as follows:

(a) conducting a legal due diligence on the Company; (b) reviewing, negotiating and finalising transaction documents; and (c) assisting and advising the Client on all execution, pre-completion and completion related formalities.

Other legal advisors if any with names of lead lawyers: N/A

Unique feature of transaction: The deal involved advising the Client on foreign exchange laws and regulations applicable to the print media sector as well as on the sectoral approvals required for the transaction.