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Acquisition Of Tulip Group By Perkinelmer

Acquisition Of Tulip Group By Perkinelmer

J. Sagar Associates advised Tulip Group on the sale of the group entities by its promoters to PerkinElmer (PKI). PKI is listed on the New York Stock Exchange. Tulip Group, which is based out of Goa, is one of the largest manufacturers of medical devices in India.

As a part of the transaction, assets of five partnerships as well as the shares of a group company have been acquired by Tulip Diagnostics Private Limited (TDPL), prior to the sale of shares of TDPL by the promoters of Tulip Group to PKI. PKI acquired the shares of TDPL through a Luxembourg entity. Once TDPL became PKI’s subsidiary, a bridge loan was taken to pay for the assets of the five partnerships.

Shares escrow, indemnity escrow and deferred consideration escrow accounts were created to facilitate the transaction.

The transaction is one of the largest deals in this space, in recent times. The JSA Team working on the transaction comprised of Partner Sidharrth Shankar; Senior Associates Prakriti Jaiswal, Bharat Bhushan Sharma & Shantanu Jindel; and Associates C. V. Srikant and Sanjeevi Seshadri. 7i Capital was the investment banker acting on the transaction.

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