Deal Closed | White Oak Capital | Acquisition of Yes Mutual Fund

Details of the deal are as under

Sector: Financial Services

Announcement Date: 21-Aug-2020 

Name of Client: White Oak Capital 

Name of Acquirer: GPL Finance and Investments Limited (White Oak Group) | India GPL Finance and Investments Limited, a subsidiary of the White Oak Group acquired the mutual fund business of Yes Bank Limited 

Name of Seller: Seller Yes Bank Limited | India 

Name of Targets: Yes Mutual Fund; Yes Trustee Limited; Yes Asset Management (India) Limited 

Deal Description: Advised White Oak Group and GPL Finance & Investments Limited (a subsidiary of the White Oak Group), in relation to 100% buyout of Yes Mutual Fund by acquisition of 100% of: (i) Yes Asset Management (India) Limited and (ii) Yes Trustee Limited by GPL Finance & Investments Limited 

Total Consideration: Confidential

Team Members: The core team was jointly led by Niren Patel (Partner) and Siddharth Shah (Partner) along with Rohit Jayaraman (Principal Associate) and Kaushiki Agarwal (Associate) with assistance from the following: 

Due Diligence aspects:

 -Corporate & Commercial DD: Kriti Gangwar (Associate), Ravali Rayaprolu (Associate) and Rohit   Beerapalli (Associate); 

-Intellectual Property DD: Nishad Nadkarni (Associate) and Khushboo Jhunjhunwala (Associate); and

-Employment Law DD: Anshul Prakash (Partner), Deepak Kumar (Principal Associate) and Deeksha Malik (Associate). Competition Law aspects: Anisha Chand (Partner), Anmol Awasthi (Associate) and Arvind Pillai (Associate) 

Role of Firm:  Khaitan & Co advised the acquirer, White Oak Group and GPL Finance & Investments Limited (a subsidiary of the Prash

Financial Advisors: PwC was the tax and financial advisor for GPL Finance & Investments Limited

Other legal advisors: Samvad Partners represented Yes Bank Limited. 

Unique Feature of Transaction: Acquisition of a mutual fund/ asset management company by a NBFC registered with RBI.