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Conyers advised British mobile phone giant Vodafone Group Plc on its $5.46 billion (£3.41bn) acquisition of a 33% stake in Vodafone Essar Ltd, a joint venture between Vodafone and Indian steel, energy and communications conglomerate Essar.
Once the deal receives regulatory approvals, Vodafone will hold a majority 74% of Vodafone Essar Ltd. This follows its initial purchase of a 67% stake in the India-based mobile telecommunications operator in 2007, which allowed Vodafone to enter the Indian market for the first time. The remaining 26% of the shares in Vodafone Essar Ltd will be majority-owned and controlled by Indian shareholders.
Conyers lawyers Sameer Tegally and Nicolas Richard advised on the Mauritius corporate, regulatory and securities law issues pertaining to the acquisition. In the deal, Vodafone Group acquired shares of Vodafone Essar Limited from two Mauritius companies, Essar Communications (Mauritius) Limited and ETHL Communications Holdings Limited.
Slaughter & May and S&R Associates also advised Vodafone Group Plc, while Herbert Smith and AZB & Partner advised Essar Group.