Advent International Corporation signed a definitive agreement to acquire 72.6% stake in Eureka Forbes Limited from Forbes & Company Limited (BSE:502865) for an enterprise value of INR 29.5 billion on September 19, 2021. As of July 12, 2022, Shapoorji Pallonji and Company has exited from Eureka Forbes after selling its remaining 8.7 per cent stake to the new owner Lunolux. The sale of such Equity Shares under the SPA is proposed to be executed at a maximum price of INR 210.15.

The transaction values is subject to closing adjustments. Pursuant to a scheme of arrangement, Eureka Forbes Limited, a 100% subsidiary of Forbes & Company Limited will be demerged into a standalone company and then be listed on the BSE Limited. Upon listing of EFL, Advent will purchase up to 72.56% of the Company's then outstanding stock on a fully diluted basis from SPG.

Advent will thereafter make an open offer in compliance with applicable regulations. As on November 22, 2021, the transaction has been approved by the shareholders of the Eureka. The transaction has been approved by the NCLT on January 25, 2022.

Further, Advent has obtained the approval of the Competition Commission of India for the Underlying Transaction on December 20, 2021. The transaction is subject to closing conditions and receipt of relevant statutory and regulatory approvals including listing of the Target Company. Standard Chartered Bank is serving as sole financial advisor, Desai & Diwanji is acting as legal counsel, Katalyst Advisors Pvt Ltd is acting as structuring and tax advisor, Boston Consulting Group is acting as the commercial due diligence and strategic advisor and KPMG India is acting as financial diligence advisors to the Shapoorji Pallonji Group parent company of Forbes & Company Limited and Eureka Forbes Limited.

Ernst & Young LLP acted as a financial advisor to Advent International Corporation. Vaidhyanadhan Iyer of AZB & Partners acted as legal advisor to Advent International.