Lotte Confectionery completes acquisition of Havmor

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The acquisition of Havmor by South Korean conglomerate Lotte Confectionery has been completed according to a partner who advised the Indian ice cream company.

“The acquisition has now been completed,” said Veritas Legal partner Abhijit Joshi. “The timing between the starting and finishing of the deal was unprecedentedly fast. It probably told us that if all parties concerned focus on the transaction and devote proper resources, deals can be done much faster and efficiently.”

Havmor announced the deal in November 2017 that involved acquisition of 100% of its share capital for US$152 million.

The Korean regulator had to approve the investment from Lotte. The country’s stock exchange was informed upon execution of the transaction documents.

The Veritas Legal team consisted of partners Joshi and Tushar Raut, along with senior associate Natasha Sethna and associate Tejasvi Saxena.

Partners Alka Nalavadi and Nilanjana Singh advised Lotte on behalf of AZB & Partners.