Leading global law firm Mayer Brown has advised the UK subsidiary of Gulf Oil Corporation Ltd (GOCL), the India based lubricants division of the international conglomerate the Hinduja Group, on its purchase of US industrial fluids manufacturer Houghton International Inc for $1.045 billion, the largest outbound acquisition by an Indian company this year.
The Gulf Oil International Group, of which GOCL is part, manufactures lubricant products for the agricultural, automotive and industrial sectors. Gulf branded lubricant products are available in over 100 countries worldwide. Houghton makes specialty chemicals and lubricants used in the processing of metals. The company operates 12 manufacturing facilities in 10 countries and caters to clients in a variety of industries, including the automotive and energy sectors.
The purchase signals the start of a wider expansion into the metalwork lubricants business for the Gulf brand. With this acquisition, Gulf expects to leverage Houghton’s extensive base of industrial customers and will be able to offer an end-to-end range of lubricants, especially in the automotive lubricant segment, where Gulf is strong.
The Mayer Brown team was led by London Banking & Finance partner Ed Parker and New York Corporate & Securities partner Edward Davis. They were assisted by Corporate & Securities partners Todd Bowen (NY) and Mark Stevens (HK), Tax partner Jason Bazar (NY), Employment & Benefits partner Debra Hoffman (Chicago), IP partner Richard Assmus (Chicago), Government & Global Trade partner Simeon Kriesberg (Washington, DC), Antitrust & Competition partners Kiran Desai and Jens Peter Schmidt (both Brussels), Adrian Steel and Scott Perlman (both Washington, DC) and Litigation partner Kevin Desharnais (Chicago).
London Banking & Finance partner Ed Parker, said: “In 2012 Indian companies have announced roughly $10 billion of international deals. GOCL is an incredibly important player in the market and this acquisition will further strengthen their global footprint. We will see more of this as Indian companies strive to build on their strong position in the global market.”
Richard Hoare, General Counsel at GOCL, said: “This is an acquisition that has required not only transactional skills from many countries and many different areas of the law but also multicultural understanding all of which have been professionally and commercially well handled by the many Mayer Brown team members that have been involved.”
Houghton is being represented by New York–based Fried, Frank, Harris, Shriver & Jacobson corporate partner Christopher Ewan.
