London – DLA Piper has advised leading global designer and supplier of lighting systems, SLI Holdings International, LLC (SLI Holdings), on the sale of its general lighting business (SLI Sylvania) to listed electrical manufacturer Havell’s India Limited (Havell’s) for €227.5 million. SLI Holdings is controlled by a consortium of private equity firms, led by DDJ Capital Management, Cerberus Capital Management and JP Morgan Securities.
The sale, conducted as a competitive auction, involved more than 35 jurisdictions. The transaction was financed by an international consortium led by Barclays Capital and included the sale of all entities of SLI Sylvania in Europe, Latin America and Asia Pacific.
SLI Sylvania and Havell’s plan to leverage their complementary products and markets to become the best in class “one-stop-shop” for lighting systems and electrical equipment. Combined, the two groups would have generated revenues of approximately €750m in 2006. Havell’s is a leading Indian manufacturer and supplier of lighting products and electrical equipment for domestic and industrial uses. Headquartered in Delhi, Havell’s is listed on the National and Mumbai stock exchange with a current market capitalisation of approximately €430m.
The DLA Piper corporate team was led by Robert Bishop (European Head of M&A), who commented: “The sale of SLI Sylvania to Havell’s combines the complementary products and markets of two leading businesses. Combined, the two groups will become a global lighting and electrical products powerhouse. We were delighted to be involved in the deal, which demanded multi-jurisdictional and multi-disciplinary legal advice and showcases our international mid-market M&A capabilities.”
