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Akin Gump Strauss Hauer & Feld has scooped its first corporate instruction from FLAG Telecom Group, which came out of Chapter 11 bankruptcy proceedings in October 2002.
The US firm was instru-cted to act for FLAG on its $211m (£115m) amalgamation under Bermudian mer-ger law, along with Reliance Gateway (part of Indian conglomerate Reliance Group).
Akin Gump became FLAG’s corporate counsel at the request of the company’s new shareholders after the Chapter 11 reorganisation was completed. Prior to this, the firm acted for the creditors, who eventually became shareholders in FLAG.
Reliance’s takeover of FLAG, the largest-ever acquisition by an Indian company, came as a surprise as it was not up for sale. Nevertheless, FLAG’s shareholders voted unanimously in favour of the deal at a special shareholders’ meeting on 12 January.
The Akin Gump team was led by New York partner Kerry Berchem, while Reliance was advised by Davis Polk & Wardwell partner Nancy Sanbourn.