Mumbai (Maharashtra)/New Delhi [India], Mar 2 (ANI/NewsVoir): India's largest law firm Cyril Amarchand Mangaldas acted as the legal counsel to Evosys India Private Limited (Evosys) in relation to slump sale of the Oracle business of its wholly-owned subsidiary - Evolutionary Systems Arabia FZ LLC (Evolutionary Systems), to Mastek UK Limited (Mastek UK), for a consideration of USD 64.9 million.
Evolutionary Systems is registered under the laws of Dubai Development Authority free zone in United Arab Emirates (UAE).
In addition, Evosys entered into a demerger cooperation agreement with Trans American Information Systems Private Limited (TAISPL), a wholly-owned subsidiary of listed public company Mastek Limited (Mastek), and Mastek for sale of its entire overseas Oracle cloud implementation business to TAISPL (including ESPL's investments in overseas subsidiaries) by way of a demerger.
The General Corporate Practice of Cyril Amarchand Mangaldas advised on the transaction. The transaction team was led by Akila Agrawal, Partner, and Head - Mergers and Acquisitions; and Smruti Shah, Partner; with support from Neham Tayal, Senior Associate; and Shashank Ugrankar, Associate.
Other parties and advisors involved in the Transaction included EY (acted as the Investment Banker); Transaction Square LLP (Tax Advisors to Evosys), and DLA Piper (Foreign Counsel to Mastek UK.)
The deal was signed on February 08, 2020.
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