Osborne Clarke and MLL Legal advised AXISCADES on strategic divestment of aerospace engineering services business to Akkodis

Osborne Clarke, together with Swiss partner MLL Legal, has advised AXISCADES Technologies Limited, a publicly listed Indian aerospace and engineering company, on the European legal aspects of the divestment of its Aerospace Engineering Services business to Akkodis, a global digital engineering consulting company headquartered in Zurich and part of the Adecco Group. Given the cross-border dimension of the transaction in India and Europe – with touchpoints in Germany, the United Kingdom, France and Switzerland – the European legal advice was provided by a closely coordinated international Osborne Clarke and MLL team.

Since its inception in 1990, AXISCADES has established itself as a trusted engineering services partner to global aerospace OEMs, backed by nearly 25 years of industry experience and contribution to numerous flagship aircraft programmes. With the completion of the strategic Engineering Services Divestment Programme, the Company is now undergoing a fundamental transformation from a services-led organisation into a proprietary products and IP-focused manufacturing platform for the aerospace, defence, electronics, semiconductors and AI verticals. The divested Aerospace Engineering Services business encompasses design, engineering analysis, certification support and lifecycle engineering services for international aerospace OEMs.

The transaction is subject to customary regulatory clearances and structured in two tranches: Akkodis will initially acquire a 51% controlling interest in the Aerospace Engineering Services business; the remaining 49% is intended to be acquired within 24 to 30 months following the closing of the first tranche.

Following completion of the transaction, AXISCADES will be structured around four strategic growth platforms: Aerospace Manufacturing, Supply Chain Management and MRO at the Company's DAC, MAC and DAL facilities; ACAT, the defence arm for Defence Manufacturing and Strategic Electronics; XiDA Inc, a US-driven Electronics and Semiconductor platform with an AI-centric focus; and the newly established Space Division focused on satellite bus manufacturing and system integration. The proceeds from the transaction are being deployed in full to support the Company's Power 930 plan – its publicly committed five-year vision of approximately Rs 9,000 crore revenue and approximately Rs 960 crore PAT by FY2030.

“This transaction is exemplary of a new generation of strategic divestments, where the objective is not merely capital release but the deliberate transformation of a Company into an entirely different business model whilst ensuring continuation of the divested international business in its new structure,” said Dr Nanni Spitzer, Partner at Osborne Clarke. 

Comprehensive, cross-border advice on European business transfer

Osborne Clarke and MLL Legal advised comprehensively on the European aspects of the transaction – the international dimension of the transaction was reflected in the composition of the European advisory team, with Osborne Clarke teams from Germany, United Kingdom and France, and, in Switzerland, from MLL Legal. Cyril Amarchand Mangaldas (CAM) in India acted as legal lead advisors, BDO as the transaction structuring and tax advisor and Lincoln International as the exclusive sell-side transaction advisor. 

The transaction also highlights Osborne Clarke’s strong position in the Indian market, which continues to grow steadily through its partnership with BTG Advaya (Mumbai, New Delhi and Bengaluru). The focus here includes technology transactions for Indian clients in the German market, as well as all other types of transactions and those originating in Europe and the U.S. and targeting India. Most recently, Osborne Clarke has repeatedly advised Infosys, one of India’s largest IT companies and a global leader in digital services. 

The Osborne Clarke team was led by German corporate partner Dr Nanni Spitzer and comprised of:

• Osborne Clarke Germany: Dr Nanni Spitzer, Rouven Siegemund, Hannah Gade, Fenja Striesow (all Corporate/M&A), Dr Timo Karsten, Maren Makowka, Andre Braig, Alexander Kreyßig (all Employment), Dr Philipp Stein (Commercial), Jan Niklas Demmer (Property), Dr Sebastian Hack, Lea Hauser (both Competition).
• Osborne Clarke UK: Edward Persse, Mythri Reddy, Krish Mistry, Harry Stewart, Tundun Basorun (all Corporate/M&A), Emma Ladely and Dan Charie (both Employment), Brogan Stewart (Property), Simon Neill and Joachim Piotrowski (both Competition), Alex MacMahon and Gavin Jones (both Immigration) and Nick Price (Regulatory).
• Osborne Clarke France: Anne-Laure Laroussinie, Stéphanie Delage, Benjamin Bernard, Emilie Barreau (all Corporate), Jérôme Scapoli, Antoine Boubazine (both Employment), Xavier Pican, Christophe Arfan, Juliette Gomes (all Commercial), Alexandre Le Mière, Alexandre Silva-Delaquaize, Yassine Rachidi Elidrissi (all Public), François-Régis Fabre-Falret, Adélaïde Ravut, Romane Aderdor (all Real Estate) as well as Alexandre Glatz and Garance De Galzain (both Competition).

MLL Legal (Switzerland) team was led by partners Nadine von Büren-Maier and Karin Oberlin (both Corporate/M&A). 

About Osborne Clarke

Osborne Clarke is an international legal practice with over 2,800 employees at 25 locations worldwide, including more than 280 lawyers in Berlin, Hamburg, Cologne and Munich. With the claim “Helping you succeed in tomorrow’s world”, extensive industry knowledge through networking and outstanding expertise in the digital transformation of business models, Osborne Clarke advises and represents companies, entrepreneurs and investors in all practical business law issues focusing not only on our chosen sectors but also on the three key topics of digital transformation, decarbonisation and urban dynamics.

About MLL Legal

MLL Legal is one of Switzerland’s leading commercial law firms, with around 150 lawyers across its offices in Zurich, Geneva, Zug and Lausanne. The full-service firm advises clients across the full spectrum of commercial law, with particular expertise in high-tech, regulated, innovative and IP-rich industries. Its sector focus includes banking and insurance, fintech and insurtech, ICT, IoT and the digital economy, life sciences and healthcare, real estate and construction, energy and cleantech, as well as retail, luxury and hospitality.