India Business Law Journal recently named TA Associates’ acquisition of a minority stake in Micromax Informatics, one of India’s leading mobile handset providers, as one of its private equity “Deals of The Year” for 2010. Goodwin served as an advisor and international counsel to long-time client TA Associates on the transaction.
The $45 million investment was focused on new initiatives by Micromax Informatics to export its low-cost handsets to emerging markets in Africa and Latin America.
Founded in 2000 as a telecom equipment distributor, Micromax entered the mobile handset market in April 2008. The company has experienced significant sales growth, outpacing several longstanding global competitors. Micromax is now the third largest handset provider in India, as measured by volume. The handsets are sold through more than 45,000 retail points in 120 cities across the country. Micromax is headquartered in New Delhi. Micromax has recently received additional investments from other private equity firms and has filed documents for an initial public offering in India.
Founded in 1968, TA Associates is one of the largest and most experienced middle market private equity firms. The firm has invested in nearly 400 companies and manages more than $16 billion in capital.
The Goodwin deal team was led by Hong Kong partner Yash Rana, chair of the firm’s Asia practice, and also included partners John LeClaire and Howard Cubell and associate Amber Dolman.