Khaitan & Co has advised Indian multinational conglomerate Torrent Group on its  acquisition of 67 percent stake in Indian Premier League cricket franchise Gujarat Titans, from private equity firm CVC, which were represented by Anagram Partners. 

Anagram also acted for Gujarat Titans (Irelia Sports India) on the deal. 

The deal value, while unreported, is at $575 million, according to the Economic Times. 

CVC became the first private equity firm to own a franchise in the world’s premier domestic cricket league in 2021 and has been in talks about selling a stake since last July, according to media reports. 

“CVC has a long history of investment in sports since our investments in Moto GP and Formula One, and we are extremely proud of how this investment in Gujarat Titans has developed,” said Nick Clarry, managing partner at CVC, in a statement. 

CVC, which bought GT for $647 million, will retain 37 percent stake in the franchise, now valued at $858 million, through its fully owned entity Irelia Sports. 

“As sports continues to gain prominence in India, Torrent sees great potential in this rapidly growing sector. With the acquisition of a majority stake in the Gujarat Titans, we are excited to have the opportunity to elevate our fan experience and unlock new growth avenues in the years to come,” said Jinal Mehta, director of Torrent Group, in a statement. 

The Anagram team was led by partners Shuva Mandal and Ankit Mishra and comprised principals Aashna Kothari, Keegan Pavrey and Rachana Rautray, senior associates Sarthak Parnami and Ashana Shah, and associates Anoushka Shetty and Siddhant Sahu.

Khaitan’s team comprised partners Haigreve Khaitan, Kartikeya Prakash and, Ashraya Rao, principal associate Aman Dwivedi, senior associate Sivananda Pingali and associates Arushi Gupta, Ravi Shankar and Samkit Jain. Partners Anshuman Sakle (competition), Kartikey Mahajan (litigation), Moin Ladha (regulatory), Oishik Bagchi (IPO), and executive director Hiten Kotak (tax) assisted on the deal.