S&R Associates is representing Aéroports de Paris S.A. ("ADP") in its agreement with GMR Airports Infrastructure Limited ("GIL") initiating the process for a merger of GIL with GMR Airports Limited ("GAL"), in which ADP and GIL currently hold 49 per cent and 51 per cent stakes (respectively). 

The merger is expected to be completed in the first half of 2024, subject to completion of relevant steps and regulatory approvals, and the merged entity will be listed on the Indian stock exchanges.

The transaction includes a subscription by ADP to ~EUR 331 million in foreign currency convertible bonds to be issued by GIL and settlement of certain earn-outs and ratchets previously agreed between ADP and GIL. Following the merger, ADP is anticipated to hold 45.7 per cent economic interest in the merged entity and the GMR group would continue as controlling shareholders.

The S&R team is led by partners Rajat Sethi, Mohit Gogia and Lakshmi Pradeep, and associates Meher Mehta, Henal Shah, Oorja Chari, Sakshi Jain and Rishabh Uppal on corporate matters; partner Jitesh Shahani and associate M.V. Abhinaya on capital markets matters; Simran Dhir, head of competition practice, counsel Akshat Kulshrestha and associates Samali Verma and Anuja Agarwal on competition law matters; partner Sumit Bansal and associates Shivani Chhabra and Taranjeet Singh on tax matters; and partner Divyanshu Pandey on banking and finance matters.