Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Holcim Group Services Ltd on the signing of a binding agreement to sell its business in India to Adani Group. The deal is comprised of Holcim’s 63.11% stake in Ambuja Cement, which owns a 50.05% interest in ACC, as well as its 4.48% direct stake in ACC. The transaction volume totals CHF 6.4 billion.

The transaction is subject to approval by local authorities and is expected to close in the second half of 2022. Both Ambuja Cement and ACC are publicly listed companies on the BSE.

Freshfields’ Dubai-based corporate team advising on the transaction was led by partner Rob Cant and senior associate Maha Osman, with further support from associate Al-Waleed Al-Kiyumi. Finance advice was also provided by partner Haris Meyer Hanif of Dubai, with partner Vincent Daniel-Mayeur and counsel Thomas Métayer, from our Paris office, advising on tax aspects. Senior associate Sara Sayeed and associate Fiona McHugh of our London office provided compliance advice for the transaction.