NDBIB concludes yet another M&A transaction

NDB Investment Bank acted as the exclusive sell side advisor to a consortium of exiting investors led by Browns Investments PLC and Faber Capital Group for the divestiture of Sagasolar Power (Pvt) Ltd to Aitken Spence PLC for a purchase consideration of Rs.1.4 billion.

NDBIB said it engaged in extensive negotiations between the seller group and the buyer and was able to structure the transaction in a manner that enabled the sellers to meet their pricing expectations whilst also allowing the buyer to generate value through this acquisition.

NDBIB CEO Darshan Perera commenting on the successful closure of the transaction said, 

“NDBIB is pleased to have concluded the transaction amidst all the challenges faced by the power and energy sector. We are honoured to have been associated with two leading conglomerates in the country, the LOLC Group and the Aitken Spence Group, along with Faber Capital Group, a foreign-based investment entity.”“Our involvement stemmed from structuring to negotiations and subsequently securing the requisite approvals from relevant authorities and financiers prior to seeing the transaction through to the end. With this investment, Aitken Spence Group has been able to further its portfolio of renewable energy assets on the backdrop of the acquisition of Waltrim Energy Limited, a transaction in the hydro power space which was also recently facilitated by NDBIB,” he added.This transaction was the 5th successful M&A closed by NDBIB in a little over 1 year and notably the 3rd in the renewable energy sector adding to the unmatched M&A credentials of NDBIB.