Herbert Smith Freehills has acted as the international legal counsel for Goldman Sachs on its equity investment of US$110 million in Den Networks Ltd (“Den Networks”), an Indian cable TV distribution company.
Den Networks is India’s leading cable TV distribution company reaching an estimated 11 million households in over 150 cities across 13 key states in India. Den Networks is listed in India on the Bombay Stock Exchange and the National Stock Exchange. The transaction marks the largest private equity deal in India’s cable and satellite sector and one of Goldman Sachs’ largest PE investments in Asia.
The Herbert Smith Freehills team was led by corporate partner Austin Sweeney, who was assisted by associate Minchu Wang. Senior associate James Dalton and associate Geng Li were also involved in the transaction and advised on Foreign Corrupt Practices Act issues. Amarchand & Mangaldas & Suresh A Shroff & Co advised the issuer. A team from J. Sagar Associates led by Herbert Smith Freehills alumni Mithun Thanks advised Goldman Sachs on Indian law.
Austin Sweeney commented, “We are pleased to have been able to assist Goldman Sachs on this transaction and it was a pleasure to be able to work alongside Mithun Thanks again. The timing of the deal was very aggressive as it formed part of a wider capital raising by Den Networks but the team rose to the challenge and did a great job for the client.”
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