Advent International Corporation entered into a share purchase agreement to acquire 50.1% stake in Suven Pharmaceuticals Limited (NSEI:SUVENPHAR) from Jasti Family for INR 63 billion on December 26, 2022. Under the terms of transaction, Advent agre to pay consideration in cash of INR 495 per share of Suven,The parties to the Share Purchase Agreement have mutually agreed that the Acquirer may elect to acquire the Equity Shares in one or up to two tranches. If the Acquirer elects to acquire the Equity Shares in up to two tranches, the second tranche of will comprise of not more than 50,91,299 Equity Shares of the Target Company representing 2.00% of the Voting Share Capital (?Second Tranche?) and the first tranche will comprise of the balance Equity Shares under the Share Purchase Agreement (?First Tranche?). Venkateswarlu Jasti will not be selling the 2,000 Equity Shares held by him in the Target Company to the Acquirer pursuant to the Share Purchase Agreement. Advent International has confirmed that it had adequate resources and made financial arrangements to fund the transaction. As part of the transaction, Advent will also be making an open offer to acquire additional 26% of the outstanding equity shares of the company from the public shareholders. Transaction will be subject to receipt of the Required Statutory Approvals and satisfaction of certain other conditions precedent specified in the Share Purchase Agreement. The merger will be evaluated by the board taking into consideration the strategic rationale and accretiveness to Suven?s public shareholders. As of May 21, 2023, the transaction has been approved by Competition Commission of India. As of September 14, 2023, the Cabinet Committee on Economic Affairs (CCEA) of the Government of India has approved the transaction. Advent was advised on this transaction by Kotak Investment Banking and Avendus Capital while Suven had Barclays Bank Plc as their exclusive financial advisor. Nivedita Rao, Avaantika Kakkar. Bhargav Joshi. Biplab Lenin, Jaideep Kolar. Kartik Jain. Kashish Mahajan. Namrata Kolar. Raksha Raina. Reeti Agarwal. Saumya Sharma. Shishir Vayttaden. Tawishi Beria. of Cyril Amarchand Mangaldas acted as legal advisor in transaction.

Advent International Corporation completed the acquisition of 50.1% stake in Suven Pharmaceuticals Limited (NSEI:SUVENPHAR) from Jasti Family on September 29, 2023. Suven will be led by a management team comprising Annaswamy Vaidheesh , V Prasada Raju and Sudhir Kumar Singh.