AZB & Partners advised New York Stock Exchange-listed AT&T on Indian merger control, including notifying the Competition Commission of India (CCI), in its US$84.5 billion acquisition of Time Warner. AZB’s team consisted of New Delhi-based partner Samir Gandhi, senior associate Sangeetha Mugunthan and associate Rhea Srivastava.
The acquisition, which is seen as an example of the convergence of the media and telecommunications industries, was announced in October 2016 and is expected to close before the end of 2017. Time Warner’s shareholders approved the deal on 15 February and the CCI tweeted its approval of the proposed combination on 22 February.
The European Commission, the executive body of the EU, approved the acquisition on 15 March. Approval from the US Department of Justice is awaited.