NAME: HDFC Bank’s $40 billion acquisition of HDFC
LAW FIRMS: AZB & Partners, Argus Partners, Singhi & Co, Wadia Ghandy & Co, Cravath Swain & Moore
JURISDICTION: India
PRACTICE AREAS: Corporate and M&A
INDUSTRY SECTORS: Banking & Financial Services
HDFC Bank’s $40 billion acquisition of HDFC is our deal of the month for April.
Wadia Ghandy & Co together with Cravath, Swaine & Moore have advised HDFC Bank on the acquisition of its biggest shareholder HDFC, a housing finance firm. The merger is expected to complete in the second or third quarter of FY24 and will be India’s largest M&A transaction to date, totalling $40 billion.
Once the deal is completed, HDFC Bank will be wholly owned by public shareholders and the currently existing shareholders of HDFC will own 41 percent of the bank. HDFC Chairman Deepak Parekh has stated this merger will be a “merger of equals”, which would potentially improve the bank’s lending capabilities and establish the bank as the second largest in India in the coming years.
The Wadia Ghandy & Co team that acted for HDFC Bank was led by partners Ashish Ahuja and Gopal Bankar, while the Cravath Swaine & Moore team was led by partner Philip Boeckman. The HDFC side was counselled by firms AZB & Partners, Argus Partners and Singhi & Co. The AZB & Partners team was led by managing partner Zia Mody together with partners Ashwath Rau, Vipul Jain and Aditya Alok. Managing partner Krishnava Dutt led the Argus Partners team that included partners Adity Chaudhury and Aastha.