On June 30, 2020, Haldia Petrochemicals Limited, the flagship company of The Chatterjee Group (TCG), and investment funds affiliated with Rhône Capital successfully completed the joint acquisition of Lummus Technology from McDermott International. Under the terms of the share and asset purchase agreement, Chatterjee and Rhône committed to acquiring Lummus from subsidiaries of McDermott as part of McDermott’s restructuring process.
The transaction required antitrust approvals in Russia, China, USA, Germany and Austria as well as Foreign Investment approval in the US.
The deal was successfully and timely completed in light of the ongoing pandemic thanks to the well-coordinated work of the teams: the FAS Russia continued its work, sending requests to the transition parties, which were timely executed, despite strict quarantine measures in the countries where the parties are located.
Partner Anna Numerova led the team of EPAM Competition Law Practice lawyers working on the project including Senior Associate Elena Kazak, Associate Karin Ovakimyan, Junior Associate Alexander Silakov and Paralegal Alexander Topoev. Partner, Head of European Desk at EPAM Ilona Zekely coordinated all global issues relating to the Russian aspect of the transaction.