Cyril Amarchand Mangaldas Guides Adani Ports in Complex Cross-Border Acquisition of Offshore Support Vessel Operator
Adani Ports and Special Economic Zone Limited, through its subsidiary Adani Harbour International DMCC, is set to acquire an 80% stake in Astro Offshore Group in a cash transaction valued at $185 million, which represents an enterprise value of $235 million.
The deal involves the acquisition of various assets and subsidiaries of Astro Offshore, spanning multiple jurisdictions, necessitating complex structuring and adjustments to indirect shareholding.
Cyril Amarchand Mangaldas provided legal counsel to Adani Ports for this transaction. The advisory team from Cyril Amarchand Mangaldas included Paridhi Adani (Partner and Head of Ahmedabad), Surya Sreenivasan (Partner), Saurabh Sharma (Partner), and Utkarsh Mankad (Senior Associate Designate).
Watson Farley & Williams acted as offshore legal advisors for Astro Offshore Group. Their cross-border maritime team, led by Partners Michael Savva and Alastair Holland in Dubai, and supported by Senior Associate David Bath in London and Associate Samaa Abdalla in Dubai, provided guidance. Local law matters were addressed by Wong Tan & Molly Lim LLC in Singapore.
Astro Offshore is a prominent operator of Offshore Support Vessels (OSVs) across the Middle East, India, Far East Asia, and Africa. The company owns a fleet of 26 OSVs, including Anchor Handling Tugs, flat top barges, Multipurpose Support Vessels, and workboats, and offers vessel management and related services.
This acquisition aligns with Adani Ports’ strategy to expand its global marine operations and will enhance its marine portfolio while attracting new Tier-1 customers.
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