Deal Closed | Synechron Holdings Inc and Synechron Technologies Private Limited | Acquisition of Attra Pty Ltd and Attra Infotech Private Limited

The details of the deal are as under:

Announcement Date: 11-Dec-2020 

Completion Date:  10-Dec-2020 

Name of Client:  Synechron Technologies Private Limited 

Acquirer Details: Synechron Holdings Inc | British Virgin Islands | Synechron Technologies Private Limited | India  

Synechron is a leading Digital Transformation Consulting firm for financial services accelerating Digital for financial institutions by providing innovative solutions to the financial services industry through three main business focus areas: Digital Business Consulting and Technology 

Target Details: Attra Pty Ltd | Australia | Attra Infotech Private Limited | India  

Attra is a technology service and solutions provider in the banking cards and payment domains with comprehensive expertise and experience spanning 25 years. The company builds strong strategic partnerships with global players in the banking and financial service industry to provide quality-assured information-secured consulting application development and quality engineering services. 

Deal Description: Khaitan advised (i) Synechron Technologies Private Limited on its acquisition of 19.99% stake in Attra Infotech Private Limited from one of its promoter shareholders; and (ii) Synechron Holdings Inc on its indirect acquisition of 80.01% of Attra Infotech Private Limited by way of its direct acquisition of 100% of the share capital of Attra Pty Ltd from its shareholders at the Australia level (resulting in the overall acquisition by Synechron Holdings Inc of Attra Pty Ltd and its multiple subsidiaries in various jurisdictions (including India)). 

Total Consideration: Confidential 

Team Members: The core transaction team consisted of Niren Patel, Saswat Subasit and Lipi Rawat with assistance from Anshul Prakash, Abhimanyu Pal and Kruthi Murthy on transaction-related employment as well as employment due diligence aspects and Ruturaj Jere, Chitra Jha and Shivani Devpura on all other due diligence aspects. 

Role of Firm: Khaitan & Co was involved in: 

drafting, negotiating and finalizing the transaction documents for Synechron Technologies Private Limited’s acquisition of a 19.99% stake in Attra Infotech Private Limited; 

reviewing and commenting on the transaction documents for Synechron Holdings Inc’s acquisition of 100% of Attra Pty Limited (i.e., Attra Infotech Private Limited’s holding company which is based in Australia); conducting legal due diligence on Attra Infotech Private Limited; and providing assistance to Synechron Holdings Inc and Synechron Technologies Private Limited on the achievement of conditions precedent and closing aspects and generally advising client from an Indian law perspective. 

Other legal advisors if any with names of Lead Lawyers

Hogan Lovells advised Synechron Holdings Inc on its acquisition of 100% of Attra Pty Ltd's share capital.  

Corrs Chambers Westgarth advised the selling shareholders of Attra Pty Ltd.  

Quillon Partners advised the selling shareholder of Attra Infotech Private Limited.  

Unique Feature of Transaction: The transaction involved a simultaneous acquisition of shares by Synechron Holdings Inc and Synechron Technologies Private Limited at the Australia level (Attra Pty Ltd) and the India level (Attra Infotech Private Limited) such that all Attra Group entities are now directly/indirectly controlled by Synechron.