Standex International Corporation has successfully executed a significant two-stage cross-border acquisition involving Amran, LLC, known as Amran Instrument Transformers, and Narayan Powertech Private Limited. This deal marks one of the largest acquisitions in Standex’s corporate history, seamlessly integrating operations across the United States and India.
Legal Guidance and Representation
Khaitan & Co, a prominent Indian law firm, provided comprehensive legal counsel to the Amran/Narayan Group, including its founding shareholders and the Shah family, who are prominent stakeholders. The firm’s legal expertise encompassed numerous facets of the transaction, such as structuring under Indian law, compliance with foreign exchange regulations, and obtaining necessary approvals from the Reserve Bank of India (RBI). Furthermore, Khaitan & Co handled competition law analysis, tax structuring, corporate governance, and drafting detailed transaction documents.
The Khaitan & Co team was spearheaded by Partner Saswat Subasit, with vital contributions from Principal Associates Unnita Bhattacharya and Ruturaj Jere, and Senior Associate Priyal Reddy. Additional support in tax advisory was provided by Executive Director Vinita Krishnan and Partner Sneh Shah. Competition and antitrust issues were managed by Partner Anshuman Sakle and Principal Associate Siddharth Bagul. The regulatory matters saw the involvement of Partners Ravitej Chilumuri and Manavendra Mishra, along with Principal Associate Alok Vajpeyi.
International Legal Support
On the U.S. front, Chamberlain Hrdlicka and Bradley Arant Boult Cummings served as legal counsels to the Amran/Narayan Group, ensuring compliance with American legal standards. Lexygen offered its legal expertise to Standex in India, while Foley Hoag, alongside Shugarman Advisors, managed competition and antitrust obligations for Standex in the United States.
Transaction Details
The acquisition was structured to occur through parallel transactions in the U.S. and India, with an announced combined enterprise value of approximately $462 million. The first closing saw Standex obtaining complete ownership of Amran at the U.S. level while its Singapore subsidiary, Mold-Tech Singapore Pte. Ltd., acquired a 90.1% stake in Narayan in India. This initial phase involved a mix of cash and Standex common stock for Amran and a cash consideration of approximately $262 million for the majority stake in Narayan.
In the subsequent closing phase, Mold-Tech acquired the remaining 9.9% interest in Narayan for an additional $64 million in cash, thereby securing full ownership of both Amran and Narayan.
This acquisition reflects Standex’s strategic expansion and consolidation efforts, enhancing its position in the global market through increased operational capabilities and expanded geographical presence.
