Cyril Amarchand Mangaldas advised Udaan on its proposed 100% acquisition of Swiggy Networks subsidiary Lynks Logistics

Cyril Amarchand Mangaldas advised Udaan on its proposed acquisition of 100% of the share capital of Lynks Logistics Limited (Lynks), a B2B retail distribution firm and a wholly-owned subsidiary of Swiggy Networks Limited (Swiggy Networks).

The transaction is structured as a cross-border share swap, pursuant to which Swiggy Networks will transfer its entire shareholding in Lynks to Udaan, in exchange for a 2.8% stake in Udaan. Prior to the completion of the share swap, Swiggy Networks will transfer its B2B distribution business to Lynks under a business transfer arrangement.

The transaction values Lynks at INR 500 crores and is expected to strengthen Udaan’s presence across key consumption markets in India.

Swiggy Networks will also invest an additional INR 75 crores in Udaan.

The transaction was led by Sharada Ramachandra, Partner; with support from Ankit Kumar, Principal Associate; and Marc Martin, Senior Associate.

Anisha Keshava, Senior Associate; and Jvalita Krishan, Associate, assisted with certain execution aspects of the transaction.

Vijay Pratap Singh Chauhan, Partner; with support from Rajat Sharma, Principal Associate; and Varun S, Associate, advised on competition law aspects of the transaction.