Irwin Mitchell Banking and Finance Team Advise On $2.725 Billion Deal

Lawyers at Irwin Mitchell have advised lenders on the financing arrangements for Haldia Petrochemicals Limited (HPL) in its joint-venture investment with Rhône Capital for the acquisition of Lummus Technology from McDermott International Inc., for an enterprise value of $2.725 billion.

Irwin Mitchell acted for State Bank of India as lead bank in respect of its syndicated secured term loan facility provided to HPL.

The transaction was led by Irwin Mitchell banking and finance partner Akhil Sharma assisted by solicitor Rachel Adams and lawyers at L&L Partners in Kolkata, India  and Schaap Advocaten in Rotterdam, The Netherlands.

One of the largest petrochemical companies in India, HPL is the flagship company of The Chatterjee Group (TCG).  Headquartered in the US, the TCG group is a venture capital and private equity firm that owns and controls companies in a variety of sectors including petrochemicals, pharmaceuticals, biotech, financial services, real estate and technology.

Investment funds affiliated with global private equity firm Rhône Capital LLC, successfully completed the joint acquisition.

Lummus is a leading master licensor of proprietary gas processing, refining, petrochemical, and gasification technologies as well as a supplier of catalysts, equipment and related services.

These technologies are critical in the refining of crude oil into gasoline, diesel, jet fuel and lubes; the manufacturing of petrochemicals and polymers; as well as the gasification of coal into syngas.

Expert Opinion

“It was a pleasure to be able to act once again for long standing client, State Bank of India and to assist with closing this important M&A deal for HPL and TCG in record time and not to mention under difficult global conditions.” Akhil Sharma - Partner