HSA Advocates successfully advised Electronix on acquiring a strategic stake in Tessolve semiconductor.
Hero Electronix Private Limited, a subsidiary of The Hero Group has acquired a strategic stake in the Bangalore-headquartered leading semiconductor engineering services company, Tessolve Semiconductor. The financial details and the size of the stake is undisclosed but Hero Electronix will complete phased acquisition of significant majority holding in the company by the end of 2016. Tessolve Semiconductor currently has operations pan-India and across USA, Singapore, Malaysia and other several regions across the globe.
HSA Advocates’ corporate M&A head Aparajit Bhattacharya led the transaction for Hero Electronix with his team including Partner Harvinder Singh and Senior Associate Devika Chadha. While, Baker & McKenzie acted as overseas legal counsel for Hero Electronix on the legal due diligence of the overseas subsidiaries of Tessolve Semiconductor, located in USA, Singapore and Malaysia.
Hero Electronix was formed in 2015 and marked the Delhi-headquarterd Hero Group’s entry into the electronics and technology space. Hero Electronix and its group companies plan to invest Rs 1000-1,200 crore in the next 5-7 years to fund its expansion plans. Last year, Bhattacharya and his team (including Partner Harvinder Singh) also represented The Hero Group, when the company had acquired a majority stake in MyBox Technologies.