Adani Group’s $10.5 Billion Acquisition of Holcim’s Stake in Ambuja Cements and ACC

Latham & Watkins and Cyril Amarchand Mangaldas advised Adani Group on the deal. Freshfields Bruckhaus Deringer LLP advised Holcim Group Services Ltd.

Adani Group (Adani) executed its US$10.5 billion acquisition of Holcim Ltd’s stake in Ambuja Cements Ltd and ACC Ltd. – two of India’s leading cement companies. The transaction represents the largest ever acquisition by Adani, and India’s largest ever M&A transaction in the infrastructure and materials sector.

Holcim, through its subsidiaries, holds 63.19% in Ambuja Cements and 54.53% in ACC (of which 50.05% is held through Ambuja Cements). Upon completion of the acquisition, Adani will become India’s second largest cement manufacturer. 

Adani Group is a diversified organisation in India with market cap of over US$182.77 billion comprising seven publicly traded companies. It has created a world class transport and utility infrastructure portfolio that has a pan-India presence. Adani Group is headquartered in Ahmedabad, in the state of Gujarat, India.

The Latham team was led by London partner Sam Newhouse (Picture) and Singapore partner Rajiv Gupta, with London associate Adam Czernikiewicz. Advice was also provided on tax matters by London partner Karl Mah, with associate Abi Jacobs; on finance matters by Singapore partner Timothy Hia, with associate Chuan Wei Kong; and on antitrust matters by Brussels partner David Little, with London associate Nathan Wilkins.

Cyril Amarchand Mangaldas advised Adani on the transaction with a team led by Cyril Shroff, Paridhi Adani, and Anchal Dhir.

Freshfields’ Dubai-based corporate team advising on the transaction was led by partner Rob Cant and senior associate Maha Osman, with further support from associate Al-Waleed Al-Kiyumi. Finance advice was also provided by partner Haris Meyer Hanif of Dubai, with partner Vincent Daniel-Mayeur and counsel Thomas Métayer, from our Paris office, advising on tax aspects. Senior associate Sara Sayeed and associate Fiona McHugh of our London office provided compliance advice for the transaction.

Involved fees earner: Paridhi Adani – Cyril Amarchand Mangaldas; Anchal Dhir – Cyril Amarchand Mangaldas; Cyril Shroff – Cyril Amarchand Mangaldas; Rob Cant – Freshfields Bruckhaus Deringer LLP; Vincent Daniel-Mayeur – Freshfields Bruckhaus Deringer LLP; Thomas Metayer – Freshfields Bruckhaus Deringer LLP; Haris Meyer Hanif – Freshfields Bruckhaus Deringer LLP; Maha Osman – Freshfields Bruckhaus Deringer LLP; Sara Sayeed – Freshfields Bruckhaus Deringer LLP; Adam Czernikiewicz – Latham & Watkins; Rajiv Gupta – Latham & Watkins; Timothy Hia – Latham & Watkins; Abigail Jacobs – Latham & Watkins; Chuan Wei Kong – Latham & Watkins; David Little – Latham & Watkins; Karl Mah – Latham & Watkins; Sam Newhouse – Latham & Watkins; Nathan Wilkins – Latham & Watkins;

Law Firms: Cyril Amarchand Mangaldas; Freshfields Bruckhaus Deringer LLP; Latham & Watkins;

Clients: Adani Group; Holcim;