Amarchand Mangaldas & Co. (SAM & Co) acted as the domestic legal advisor to the Computer Sciences Corporation group (CSC) in relation to an overseas acquisition of Xchanging plc by CSC which triggered an indirect open offer under the Indian takeover regulations with respect to Xchanging Solutions Limited (XSL) in December 2015.

Subsequently, on completion of the overseas acquisition of Xchanging plc on May 5, 2016, CSC has decided to delist the shares of XSL from the stock exchanges during the open offer process under the recently added provisions of regulation 5A of the Indian takeover regulations read with the Indian delisting regulations. This transaction is a first of its kind wherein a delisting of an Indian listed company has been proposed by a foreign entity under an indirect open offer procedure under the Indian takeover regulations.

SAM & Co Team advised on all transactional, procedural and documentation aspects relating to the indirect open offer-cum-delisting of XSL. The M&A team was led by Akshay Chudasama (Managing Partner – Mumbai Region), and included Yogesh Chande (Partner) and Malek Shipchandler (Associate). Ashni Roy (Partner) and Abhay Sharma (Partner) on aspects relating to foreign investment and tax, respectively.

Global acquisition approximately GBP 480 million (approx. USD 721 million).