Bharti Airtel has acquired a 100% stake in the share capital of Tikona Digital Networks, which was valued at ₹16 billion (US$244 million).
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“The scope of legal services provided by AZB included conducting legal due diligence on Tikona, preparing/reviewing, negotiating and finalizing transaction documents, and providing regulatory and general corporate advisory services in relation to the transaction,” Dushyant Bagga, a partner at AZB & Partners in Delhi, told India Business Law Journal.
Bagga said that, contrary to media reports, the deal did not involve a merger and approval from the National Company Law Tribunal and the Department of Telecommunications was not required.
AZB partners Gautam Saha, Sachin Mehta and Shuchi Sinha worked with Bagga for AZB & Partners. Sameer Chugh, director of legal at Airtel, worked on the acquisition, while Shardul Amarchand Mangaldas & Co represented Tikona.
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