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Mittal, Poonawalla Win Approval for Rajasthan Royals Acquisition
Lakshmi Mittal and Adar Poonawalla want to buy a group of cricket teams.
The main team is Rajasthan Royals, which plays in the Indian Premier League.
The deal also includes Paarl Royals in South Africa and Barbados Royals in the Caribbean.
The whole group is valued at about $1.65 billion.
India’s competition regulator has approved the proposed purchase.
The Mittal family would own the largest share, while Poonawalla would own a smaller share.
Some current investors would keep a small part of the group.
The purchase is not finished because more approvals and closing steps are still needed.
The Competition Commission of India approved the proposed acquisition of the Rajasthan Royals franchise on September 17.
The approximately $1.65 billion deal also includes the Paarl Royals and Barbados Royals teams.
The Mittal family is expected to acquire about 75% through Westview Cricket Limited, while Adar Poonawalla would hold around 18%.
Existing investors, including Manoj Badale, are expected to retain roughly 7% of the franchise group.
The transaction still requires other regulatory approvals and closing conditions, including approval from the Board of Control for Cricket in India and the IPL Governing Council.
- Who
- Lakshmi Mittal, his family, Adar Poonawalla, and existing Rajasthan Royals investors.
- What
- A proposed acquisition of Rajasthan Royals and the Paarl Royals and Barbados Royals franchises for about $1.65 billion.
- Where
- The teams compete in India, South Africa, and the Caribbean; the transaction is being conducted through a UK-registered investment vehicle.
- When
- The Competition Commission of India announced its approval on September 17; the transaction was announced earlier this year.
- Why
- To transfer control of the three-team franchise group to an investor group led by the Mittal family and Adar Poonawalla.
Key facts
- Reported deal value
- Approximately $1.65 billion, or about ₹1,58,38.63 crore.
- Competition approval
- The Competition Commission of India approved the proposed acquisition on September 17.
- Expected Mittal family stake
- About 75%, through Westview Cricket Limited.
- Expected Adar Poonawalla stake
- Around 18%, through Poonawalla Sports and Fitness Private Limited.
- Expected existing-investor stake
- Roughly 7%, including investors such as Manoj Badale.
- Teams covered
- Rajasthan Royals, Paarl Royals, and Barbados Royals.
- Remaining approvals
- The transaction still requires applicable regulatory approvals and closing conditions, including approval from the Board of Control for Cricket in India and the IPL Governing Council.
Sources
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