ADIA Subsidiary and TPG’s $1.2 Billion Joint Investment in UPL

January 31, 2019

Cleary Gottlieb represented a wholly-owned subsidiary of the Abu Dhabi Investment Authority and TPG Capital, in connection with their $1.2 billion ($600 million each) joint equity investment into UPL Corporation Limited (UPLC), a wholly-owned subsidiary and the international arm of UPL Limited (UPL).

The investment facilitated UPLC’s acquisition of agri-pesticides maker Arysta LifeScience Inc. and its subsidiaries (Arysta) from NYSE-listed Platform Specialty Products Corporation for $4.2 billion in cash.

UPL, which is listed on the Bombay Stock Exchange and the National Stock Exchange of India, is a major agrochemicals and crop protection company with headquarters in Mumbai, India. As a result of the Arysta acquisition, UPL has become the world’s fifth largest crop protection company and the largest generics company in the sector globally.

The deal signed on July 20, 2018 and closed on  January 31, 2019.