Trilegal, Khaitan & Co, Cleary Gottlieb and Cyril Amarchand Mangaldas advised on TPG’s USD 150 million investment in Tessolve.

Tessolve is a prominent player in the semiconductor design and testing space, and this investment marks a significant milestone in its growth journey.

Founded in India in 2004, Tessolve was acquired by Hero Electronix in 2016. It is a partner to 18 of the world’s top 20 semiconductor firms, and employs over 3,500 engineers across offices.

Tessolve plans to use the funds to strengthen global delivery centres, expand advanced test labs, and enhance its end-to-end semi-conductor engineering capabilities.

Trilegal advised Tessolve Semiconductor and Hero Electronix on TPG’s proposed USD 150 million investment, structured through a mix of primary issuance and secondary share purchase.

The transaction team advising on the matter was led by Partners Amit Khansaheb, Vishruta Kaul, and Kirti Balasubramanian, who were supported by Senior Associates Sanchita Mishra and Advaye Sawhny, and Associate Paarth Samdani. The Competition Team advising on the matter was led by Partner Aparna Mehra, and supported by Senior Associate Kshitij Sharma, and Associate Ashlesha Singhal. The Due Diligence Team advising on the matter was led by Partners Vishruta Kaul, Kanishka Maggon, and Kirti Balasubramanian, and comprised Counsel Manu Gupta, Senior Associates Sanchita Mishra, Advaye Sawhny, and Tania Gupta, along with Associates Paarth Samdani, Neha Koppu, Riya Thawani, Farhana Akhtar, and Trisha Bhayana.

Khaitan & Co represented TPG Growth on its USD 150 million investment in Tessolve, a semiconductor engineering services company. Founded in India in 2004, Tessolve was acquired by Hero Electronix in 2016.

The core team consisted of Kartick Maheshwari, Gautam Suseel, Hardik Bhatia, Sweta Rao, Shreyas Bapat and Rhythm Chopra with assistance from Nirupam Lodha (Due Diligence).

Cleary Gottlieb represented TPG Growth in its $150 million investment in Tessolve, a leading semiconductor engineering services company.

CAM advised Novo Tellus Capital Partners, an existing shareholder in Tessolve Semiconductor Pvt. Ltd. (a Hero Electronix backed company engaged in semiconductor engineering services), in relation to a USD 150 million proposed investment by TPG in Tessolve Semiconductor Private Limited. TPG will acquire a significant minority stake through both primary issuance and secondary share purchase.

The Transaction Team included Aditi Manchanda, Kushal Ramotre and Kaushik Raichura. The Tax Advisory team comprised Thangadurai VP.