New York – LAWFUEL – Legal News Network – August 23, 2006 – Debevoise & Plimpton LLP advised Glaceau® in its definitive agreement with The Tata Group whereby Tata will invest $677 million in Glaceau, which will be used to purchase the stake previously held by TSG Consumer Partners and provide additional growth capital. As a result of this investment, Tata will own 30% of Glaceau. This transaction, which was approved by Tata Sons’ and Tata Tea’s Boards of Directors, is being made through Tata Tea GB Ltd., which includes Tetley Tea’s operations worldwide. The transaction is subject to customary closing conditions including governmental notifications and approvals.
Formed in 1996, Glaceau is the creator of the enhanced water category and maker of vitaminwater®, fruitwater® and smartwater®. The Tata Group is one of India’s best-known business groups with global revenues of $22 billion. Debevoise & Plimpton LLP is a leading international law firm with offices in New York, Washington, London, Paris, Frankfurt, Moscow, Hong Kong and Shanghai.
The Debevoise team was led by Partner Jeffrey J. Rosen; Counsel Marc A. Kushner; and Associate Michael A. Diz.