Cyril Amarchand Mangaldas (CAM), K&L Gates, CMS INDUSLAW, TT&A and Baker & McKenzie.Wong & Leow advised on Cyient’s acquisition of TAO Digital Solutions.
Cyient Limited, a global lifecycle engineering services company headquartered in Hyderabad, India, acquired 100% of TAO Digital Solutions Inc., an AI-native data and product engineering solutions firm, for a consideration of approximately US$218 million. TAO Digital Solutions specialises in AI, data and cloud technologies, delivering solutions across a range of industry verticals.
The acquisition brings together Cyient’s global engineering platform and TAO Digital’s AI, data and cloud capabilities, supporting Cyient’s plans to expand its presence in digital engineering and technology services and strengthen the integrated solutions it provides to international customers.
CAM advised Cyient Limited on its acquisition of TAO Digital Solutions Inc.
The transaction team was led by Partner – (Co-Head – Digital | TMT) Arun Prabhu and Partner Arpita Sengupta, with assistance from Consultant Vasundhara Majithia and Associates Kanav Khanna and Princy Dsouza.
Partner – (Co-Head – Digital | TMT) Arun Prabhu, Partners Aditya Prasad and Arpita Sengupta, with assistance from Consultant Vasundhara Majithia, Senior Associate Arundhati Diljit, and Associates Kanav Khanna and Princy Dsouza, led the legal due diligence.
Partner (Head – Competition) Avaantika Kakkar and Partner Dhruv Rajain, with assistance from Senior Associate Designate Vrinda Gundam, Senior Associate Vanya Agarwal, and Associate Kartik Mishra, advised on competition law aspects.
Partner Bishen Jeswant, with assistance from Principal Associate Akash Mishra and Associate Abhilasha Bansal, advised on the employment aspects of the diligence.
Partner Bharath Reddy, with assistance from Senior Associate Designate Abhishek Gabriel, advised on employment stock option aspects.
K&L Gates also advised Cyient Limited on its acquisition of TAO Digital Solutions Inc.
The deal team was led by Singapore Corporate Partners David Kuo and Meraj Noor, with support from Counsel Ying Chern Tan and Senior Associate Esther Neo. Seattle Partner Catherine Smith and Counsel Jennifer Addis advised on US employment matters. Washington, DC Partner Vishal Mehta and Chicago Counsel John Susoreny advised on US antitrust, competition and trade regulation matters. Sydney Partner Daniel Atkin and Special Counsel Jacob Blakely, along with Perth Partner Adam Levin, Taipei Partners Jacqueline Fu and Cheryl Hsieh and Counsel Richard Hsu, and Berlin Partners Dr. Ramona Ruf and Nils Neumann provided additional jurisdictional support.
CMS INDUSLAW advised Cyient Limited in securing a US$120 million term loan from The Hongkong and Shanghai Banking Corporation Limited (HSBC).
The financing will support Cyient’s acquisition of the entire shareholding of TAO Digital Solutions Inc. and cover associated transaction expenses. HSBC arranged and underwrote the secured financing facility, while Catalyst Trusteeship Limited was appointed as the Facility Agent and Security Agent.
The team was led by Partner Abir Lal Dey, with assistance from Senior Associate Arnav Sinha and Associate Khushi Sharma. Founding and Senior Partner Gaurav Dani also contributed strategic guidance during the transaction.
TT&A advised the arranger and lender, being the same financial institution, in connection with the external commercial borrowing facility availed by Cyient Limited.
The TT&A team comprised Partner Sonali Mahapatra, Managing Associate Kartik Jigyasi and Associate Tarun Doyal.
Baker & McKenzie.Wong & Leow, Singapore, also acted as legal adviser to the lenders in connection with the financing arrangements for the acquisition.
The team included Weiling Lee, Kunal Katre, Cheung Winne and Sunethra Reddy.
