Standex International Corporation has completed a two-stage cross-border acquisition of Amran, LLC (operating as Amran Instrument Transformers) and Narayan Powertech Private Limited. The two transactions closed simultaneously and were announced at a combined enterprise value of approximately $462 million. The acquisition involved parallel transactions in the United States and India which, together, constituted the largest acquisitions in Standex’s history.
Introduction
Khaitan & Co advised the Amran/Narayan Group — including its founder shareholders and members and affiliates of the Shah family — on Standex International Corporation’s (NYSE: SXI) landmark two-stage cross-border acquisition of Amran, LLC (operating as Amran Instrument Transformers) and Narayan Powertech Private Limited.
At first closing, Standex acquired 100% of Amran at the US level and, through its wholly owned Singapore subsidiary, Mold-Tech Singapore Pte. Ltd., acquired 90.1% of Narayan at the India level. The consideration for Amran comprised 85% cash and 15% Standex common stock, while the initial acquisition of 90.1% of Narayan was completed for cash consideration of approximately $262 million.
At second closing, Mold-Tech acquired the remaining 9.9% interest in Narayan for approximately $64 million in cash, and this completed Standex’s acquisition of 100% ownership of both Amran and Narayan.
The Amran/Narayan Group comprises Amran, LLC — a Texas limited liability company operating as Amran Instrument Transformers — Narayan Powertech Private Limited, headquartered in Gujarat, India, and their Indian joint venture, Amtran Magnetics Private Limited. Although held through separate U.S. and Indian legal entities, the businesses operated under common management and were controlled by members or affiliates of the Shah family.
Deal Value
The two transactions closed simultaneously and were announced at a combined enterprise value of approximately $462 million. The consideration for Amran comprised 85% cash and 15% Standex common stock, while the initial acquisition of 90.1% of Narayan was completed for cash consideration of approximately $262 million. At second closing, Mold-Tech acquired the remaining 9.9% interest in Narayan for approximately $64 million in cash.
Legal Teams Involved
For the Amran/Narayan Group
Indian Counsel — Khaitan & Co
Khaitan & Co advised the Amran/Narayan Group, its founder shareholders and members and affiliates of the Shah family across both stages of the transaction. The firm’s scope covered Indian-law transaction structuring and implementation; Indian foreign-exchange regulations and RBI-related matters; Indian competition-law analysis and merger-control approvals; Indian tax structuring and advisory; drafting, reviewing and negotiating the Indian-law aspects of the transaction documents; corporate governance and shareholder arrangements; closing mechanics and coordination across the parallel U.S. and Indian transactions; and post-closing regulatory and corporate filings.
Core Transaction Team:
- Saswat Subasit — Partner
- Unnita Bhattacharya — Principal Associate
- Ruturaj Jere — Principal Associate
- Priyal Reddy — Senior Associate
Tax Advisory:
- Vinita Krishnan — Executive Director
- Sneh Shah — Partner
Competition and Antitrust Matters:
- Anshuman Sakle — Partner
- Siddharth Bagul — Principal Associate
Transaction Documentation and General Corporate Advisory:
- Saranya Mishra — Principal Associate
- Akhil Wilson Thomas — Senior Associate
Regulatory Matters:
- Ravitej Chilumuri — Partner
- Manavendra Mishra — Partner
- Alok Vajpeyi — Principal Associate
U.S. Counsel — Chamberlain Hrdlicka and Bradley Arant Boult Cummings
Chamberlain Hrdlicka and Bradley Arant Boult Cummings served as the U.S. legal counsels to the Amran/Narayan Group. Further details on individual team members from these firms were not disclosed.
For Standex International Corporation
Indian Counsel — Lexygen
Lexygen served as the Indian legal counsel to Standex on this transaction. Foley Hoag and Shugarman Advisors (Competition and Antitrust Counsel) advised as the U.S. legal counsels to Standex on this transaction. Further details on individual team members from Lexygen, Foley Hoag and Shugarman Advisors were not disclosed.
Significance and Impact
The acquisition involved parallel transactions in the United States and India which, together, constituted the largest acquisitions in Standex’s history. The multi-jurisdictional nature of the deal — spanning the US, India and Singapore — required coordinated legal work across foreign-exchange regulations, competition-law approvals, tax structuring, and cross-border closing mechanics, reflecting the growing complexity of inbound M&A into India.
The acquisition materially increased the scale and strategic importance of Standex’s Electronics segment. The Amran and Narayan businesses now operate within Standex Grid, which provides instrument transformers and grid solutions supporting power distribution, measurement, monitoring and energy-infrastructure modernisation.
With these acquisitions, Standex Electronics will now represent more than 50% of the Company, and the company anticipates consolidated adjusted EBITDA margin expanding by over 200 basis points in the first full year as a combined company.
For a broader view of cross-border deal activity involving Indian law firms, see the Deal Meter.
The Standex–Amran/Narayan Group acquisition stands as a landmark cross-border transaction in India’s M&A landscape, notable for its two-stage structure, multi-jurisdictional regulatory complexity, and record-setting value for Standex. The acquisition materially increased the scale and strategic importance of Standex’s Electronics segment, with the Amran and Narayan businesses now operating within Standex Grid, providing instrument transformers and grid solutions supporting power distribution, measurement, monitoring and energy-infrastructure modernisation. The transaction underscores the increasing depth of Indian legal advisory capabilities in complex inbound cross-border deals.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
