Online classifieds platform Quikr India acquired Housing Development Finance Corporation (HDFC) subsidiaries HDFC Realty and HDFC Developers, which focus on real estate brokerage and online property classifieds, respectively, for US$54 million in an all-stock deal. HDFC will pick up around a 3.5% stake in Quikr.
IndusLaw advised Quikr from start to end on the acquisition. The firm conducted due diligence on the target companies, reviewed transaction documents, negotiated on behalf of Quikr and drafted all other necessary documents required as part of the said transaction. “Over the years [Quikr] has been expanding into different lines of business. The last big acquisition they did was to acquire Common Floor, which is an online portal for listing of properties,” IndusLaw principal associate Anubha Sital told India Business Law Journal.
“The acquisition of HDFC companies was to get them into the brokerage business with HDFC being a big name in the home loan segment.” The final steps to close the deal were the purchase of shares from the target companies and issuing of securities to HDFC in return.
Besides Sital, the IndusLaw team consisted of partner Gaurav Dani, senior associate Nitin Gera and associates Shaima Khan and Aayush Sood. Wadia Ghandy & Co advised HDFC. Its team consisted of partner Xerxes Antia and associates Shruti Manglik and Surbhi Mathur.