Ram Narayan
Kirkland & Ellis
Overview
Ram Narayan is a partner in Kirkland’s Hong Kong office. He has represented private equity firms, including CPPIB, Carlyle, Blackstone, KKR, Fountainvest and MBK Partners, as well as investment banks and major corporations on a wide range of M&A matters involving public company and private company targets. His transactional experience includes advising on minority investments, co-investments, divestitures, mergers, leveraged buyouts, take private transactions, joint ventures and investment platforms, and PIPEs. Based in Asia-Pacific professionally for almost a decade, he has extensive experience advising on some of the most challenging cross-border M&A transactions involving companies based in India, China and South-east Asia. Ram has previously lived in Saudi Arabia, India, Canada, Australia and the United States and has settled in Hong Kong.
Experience
Representative Matters
Since joining Kirkland, Ram's representative matters have included:
India
- Partners Group (SIX:PGHN) in the establishment of an investment platform in Singapore focusing on Indian real estate assets with the Xander Group acting as operator
- GLP, a leading global provider of logistics facilities and technology solutions with over US$50 billion in AUM, on its entry into a strategic partnership with IndoSpace, a leading industrial real estate platform in India, as well as on certain co-investments including in IndoSpace Core, a joint venture between IndoSpace and CPPIB focused on acquiring and developing modern logistics facilities in India
- A U.S. credit fund in connection with establishing an oil & gas joint venture for downstream investment in Indian assets
South-east Asia
- Azentio Software, a Singapore-headquartered software products business owned by funds advised by Apax, on its binding agreement to acquire certain software assets from Path Solutions, a provider of core banking software
- Sea Limited (NYSE: SE), a leading global consumer internet company, in the acquisition by its digital entertainment arm, Garena, of Phoenix Labs, an acclaimed independent games development company founded in Vancouver
China
- TH International Limited (Tims China), the master franchisee and operator of Tim Hortons coffee shops in China, on its business combination with Silver Crest Acquisition Corporation (NASDAQ: SLCR), a publicly-traded special purpose acquisition company. The transaction values the combined business at approximately US$1.4 billion. This transaction was named “Deals of the Year 2022” by China Business Law Journal
- Bain Capital on its leveraged buy-out of VXI Global Solutions, a leading provider of Business Process Outsourcing services to businesses around the world, from the Carlyle Group
- Sequoia China Infrastructure Fund on its investment in GDS Holdings Limited (NASDAQ: GDS; HKSE: 9698), a developer and operator of high-performance data centers in China, through the purchase of $200 million 0.25% convertible senior notes due 2029. Sequoia China Infrastructure Fund and GDS also entered into a strategic cooperation agreement to pursue future collaboration
- TH International Limited (Tims China), the exclusive master franchise of Tim Hortons coffee shops for Restaurant Brands International Inc. (TSX: QSR) (NYSE: QSR) in China, on a convertible note financing by a leading global asset manager
- Sino-Ocean Prime Office Partners I LP, a US$1.4 billion fund formed by Sino-Ocean Capital, on the acquisition of Ocean Office Park and Project Z6, two grade-A office projects located in the central business district of Beijing
- The Carlyle Group on its acquisition of a minority stake in Ambio Holdings, Inc., a global peptide API CDMO, from MVM Partners, a specialist healthcare fund
- Macquarie Infrastructure and Real Assets on its establishment of a real estate investment platform with Greystar and APG, focusing on assets in China
- A regional fund in connection with an equity investment in a Hong Kong development project of a major Chinese real estate development company
Other Asia-Pacific Transactions
- VisasQ Inc. (TYO: 4490), a leading knowledge platform in Japan, in its acquisition of Coleman Research Group, Inc., a US-based expert network service firm
Others
- Poema Global Holdings Corp. (NASDAQ: PPGH), a special purpose acquisition company affiliated with Princeville Capital, on its business combination with Gogoro Inc., a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities
- Artisan Acquisition Corp. (NASDAQ: ARTAU), a special purpose acquisition company founded by renowned Hong Kong cultural entrepreneur Adrian Cheng, on its business combination with Prenetics Group Limited, a global leader in genomic and diagnostic testing. This transaction was named “Deals of the Year 2022” by China Business Law Journal
- Magnum Opus Acquisition Limited (NYSE: OPA), a publicly traded special purpose acquisition company, on its proposed business combination with Forbes Global Media Holdings Inc., the iconic business information brand
Prior to joining Kirkland, Ram’s representative matters included:
India
- JP Morgan on the sale of its mutual fund business in India to Edelweiss Financial Services Limited
- Goldman Sachs on its acquisition of Benchmark Asset Management Company Private Limited and Benchmark Trustee Company Private Limited in India
- Goldman Sachs on its US$150 million investment in Piramal Realty
- Goldman Sachs on its on-market acquisition of a 6.47% equity interest in NSE-listed Max India Ltd. from Warburg Pincus
- BAML as financial advisor, in connection with AIA’s increase of its shareholding from 26% to 49% in the Tata AIA Life Insurance Company
- BAML as financial advisor, in connection with ERGO’s increase of its shareholding from 26% to 49% in HDFC ERGO
- Tata Motors Limited on its first registered rights offering to U.S. ADS holders
South-east Asia
- Alibaba Group on its acquisition of Lazada Group, with operations in Singapore, Malaysia, Indonesia, Vietnam, Thailand and the Philippines
- JobStreet Corporation Berhad on the sale of certain of its businesses in Singapore, Malaysia, Philippines, Indonesia, Vietnam and Hong Kong to SEEK Limited
China
- A consortium of investors, comprising the Carlyle Group, CITIC Capital Partners, China Everbright Limited and FountainVest Partners, on the US$3.7 billion going-private of Focus Media Holding Ltd., involving acquisition facilities in the amount of US$1.5 billion
- Telstra Corporation on the sale of an equity interest in Autohome Inc. to Ping An Insurance (Group) Company of China
- China Mengniu Dairy on its US$1.7 billion facility arrangement relating to its acquisition of Yashili International
Prior Experience
Sullivan & Cromwell (Hong Kong, Melbourne and New York), 2009–2018
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Credentials
Admissions & Qualifications
- 2014Hong KongSolicitor
- 2010New York
Education
- Columbia Law SchoolJ.D.2009
- Cornell UniversityB.S., Mechanical Engineering2006
News &
Insights
Kirkland Advises Tims China on Completion of Business Combination with Silver Crest and Listing on NASDAQ