Jain Irrigation’s Merger of its International Irrigation Business with Rivulis

Baker McKenzie advised Jain Irrigation Systems Limited on the deal, while Latham & Watkins advised Rivulis.

Jain Irrigation Systems Limited executed the merger of its international irrigation business with Temasek-owned Rivulis Pte Ltd. The merger will create a global irrigation and climate leader with unparalleled market coverage and around US$ 750 million in revenues. 

The transaction consideration is a combination of cash and stock. Jain Irrigation will receive stock comprising 22% interest in Rivulis, the holding company of the enlarged group, and cash for the financing of debt issuances of the IIB and of bonds issued by Jain International Trading B.V., to create a climate and irrigation leader globally. Temasek, a global investment company headquartered in Singapore, will become the majority shareholder of the Company with a 78% stake. The transaction is subject to required regulatory approvals and other customary closing conditions.

Jain Irrigation Systems Limited (Jain Irrigation), is an Indian multinational company with manufacturing plants in 30 locations across the globe.

Rivulis is a global micro irrigation leader focused on enabling and promoting a sustainable agri-food supply chain to not only feed our planet but also save it from the perils of climate change.  

Goldman Sachs acted as financial adviser and PWC acted as tax and due diligence adviser to Jain Irrigation for the transaction.

The Baker McKenzie team included Finance Senior Associate Sonali Maulik and Finance Associates Alex Taylor, Elaine Baynham and Nick Parker. Tax advice was provided by London Partner Alistair Craig and London Tax Adviser Chris Pilkington, with Dallas Partner Morgan Lane. London Partner Luiz Gomez led on antitrust matters, with support from London associate Bethan Lukey and Washington DC Partner Brian Burke. London Partner Steve Holmes advised on IP & Technology matters with London Associates Dan Relton and Natasha Denton.

The Latham team was led by London corporate partner Robbie McLaren, with associates Harriet Stephenson, Nathan Van As, and Hugo Cliff; Singapore partner Farhana Sharmeen; and Chicago partner Shaun Hartley and associate Jay Trewn. Advice was also provided on data and technology transactions matters by London partner Deborah Kirk, with associates Oscar Bjartell and Luke Vaz; on tax matters by London partner Karl Mah, with associates Amy Watkins, Abi Jacobs, and Shruti Hazra; on antitrust matters by Brussels partner Luca Crocco and Bay Area partner Joshua Holian, with Washington, D.C. counsel Britton Davis and Ruchi Gill, Brussels associates Robert Benditz, Lorenzo Sacco, Marine Deweale, Julia Weber, and Ben Isaacs; and Washington, D.C. associate Asia Cadet; on employment matters by London partner Kendall Burnett, with associates Adam Ray and Juliet Rognile; and on finance matters by London partner Manoj Tulsiani, with associates Harrison Armstrong and Annabel Cawood, and Moscow associate Alexander Kartyshev.

Involved fees earner: Elaine Baynham – Baker McKenzie; Brian Burke – Baker McKenzie; Alistair Craig – Baker McKenzie; Natasha Denton – Baker McKenzie; Luiz Gomez – Baker McKenzie; Steve Holmes – Baker McKenzie; Morgan Lane – Baker McKenzie; Bethan Lukey – Baker McKenzie; Sonali Maulik – Baker McKenzie; Nick Parker – Baker McKenzie; Chris Pilkington – Baker McKenzie; Dan Relton – Baker McKenzie; Alex Taylor – Baker McKenzie; Harrison Armstrong – Latham & Watkins; Robert Benditz – Latham & Watkins; Oscar Bjartell – Latham & Watkins; Kendall Burnett – Latham & Watkins; Asia Cadet – Latham & Watkins; Annabel Cawood – Latham & Watkins; Hugo Cliff – Latham & Watkins; Luca Crocco – Latham & Watkins; Britton Davis – Latham & Watkins; Marine Deweale – Latham & Watkins; Ruchi Gill – Latham & Watkins; Shaun Hartley – Latham & Watkins; Shruti Hazra – Latham & Watkins; Joshua Holian – Latham & Watkins; Ben Isaacs – Latham & Watkins; Abigail Jacobs – Latham & Watkins; Alexander Kartyshev – Latham & Watkins; Deborah Kirk – Latham & Watkins; Karl Mah – Latham & Watkins; Robbie McLaren – Latham & Watkins; Adam Ray – Latham & Watkins; Juliet Rognile – Latham & Watkins; Lorenzo Sacco – Latham & Watkins; Farhana Sharmeen – Latham & Watkins; Harriet Stephenson – Latham & Watkins; Jayant Trewn – Latham & Watkins; Manoj Tulsiani – Latham & Watkins; Nathan Van As – Latham & Watkins; Luke Vaz – Latham & Watkins; Amy Watkins – Latham & Watkins; Julia Weber – Latham & Watkins;

Law Firms: Baker McKenzie; Latham & Watkins;

Clients: Jain Irrigation Systems Limited; Rivulis Irrigation ;