Berger Paints India Limited (BSE:509480) entered into a share purchase agreement to acquire Saboo Coatings Pvt. Ltd from Saboo Business Group for approximately INR 820 million on May 30, 2017. The consideration is subject to closing adjustment for variations in net debt and net working capital and will be paid in cash. In a related transaction, Berger Paints India Limited also agreed to acquire 51% stake in Saboo Hesse Wood Coatings Private Limited for INR 15 million on May 30, 2017. For the year ended March 31, 2017, Saboo Coatings Pvt. Ltd reported total revenue of INR 894.3 million. The acquisitions have been approved by the Board of Directors of Berger Paints India Limited. The transaction is subject to fulfillment of condition precedent and is expected to be complete by June 30, 2017. Vinay Vaish, Manish Tully, Shivang Sargoch and Ridhima Khurana from Vaish Associates acted as legal advisors to Saboo Coatings. Berger Paints was represented by their in-house legal and finance teams. Berger Paints India Limited (BSE:509480) completed acquisition of Saboo Coatings Pvt. Ltd from Saboo Business Group on June 5, 2017.