The corporate department at D. L. & F. De Saram holds ‘practical hands-on knowledge’ in matters pertaining to commercial activity, in particular multijurisdictional work encompassing incorporations and acquisitions, fielding a ‘pragmatic and practical’ attitude to various high-value mandates. Savantha De Saram co-heads the team with Aloka Nandasena, noted as ‘exceptionally effective’ in corporate matters, especially M&A-related enquiries. Hansi Abayaratne and Inshira Hanifa both have over 10 years of experience in corporate, M&A and finance-related matters across a spectrum of industries, including energy, construction and real estate. Senior associate Ushara Ratnayake is a highly active member of the team, assisting in numerous multijurisdictional mandates involving amalgamations or divestitures.
Corporate and M&A in Sri Lanka
D. L. & F. De Saram
Practice head(s):
Savantha De Saram; Aloka Nandasena
Testimonials
‘Practical hands-on knowledge and understanding of the commercial aspects of a transaction in order to ensure the deal progresses smoothly during legal discussions without the client taking any undue risk from a legal perspective.’
‘I have worked with Aloka Nandasena on multiple transactions, very knowledgeable and practical in her approach to transactions.’
Very efficient and provides responses to key issues in a transaction in a timely manner. Methodical and easy to work with.’
‘Aloka Nandasena has been exceptionally effective and has been able to manage the whole team on a large multi-faceted engagement. She has been very quick to turn around urgent documents and has been open to going beyond the strict scope of work to ensure engagement success.’
‘Aside from their comprehensive knowledge of the law and its application to the various aspects of the transactional work that we have used them for, I have found this firm to be especially pragmatic and practical in their approach to negotiating and closing issues that have cropped up in those transactions.’
‘We have worked with Aloka Nandasena on our transactional work. Her strength is her thorough knowledge of the law and pragmatism in finding solutions to issues that invariably arise.’
‘We are working with De Saram on the divestment of various companies. The quality of services in terms of legal inputs as well as practical solutions provided by the De Saram team was exceptional.’
‘Savantha and Aloka are exceptional. They are always looking for innovative and practical solutions. Would recommend them for M&A work.’
Key clients
Deloitte Shared Services India LLP
Government of Sri Lanka
Tata BlueScope Steel Private Limited (India) and BlueScope Steel Limited (Australia)
Sunshine Healthcare Lanka Limited and Sunshine Holdings PLC
Accenture Holdings B. V
National Dairy Development Board, India
Bharti Airtel Limited
CG Capital Partners Global Pte. Ltd
Pernod Ricard Gulf
Kanrich Finance Limited
Evergreen Marine Corp. (Taiwan) Ltd
Sri Lanka Savings Bank
Ceylon Knit Trend (Private) Limited
CEVA Logistics Headoffice BV
GlaxoSmithKline plc
David Pieris Holdings (Private) Limited
Mitsubishi Corporation
Aman Group
Work highlights
- Advised Deloitte Shared Services India LLP in admitting PricewaterhouseCoopers’ (Old Association) Sri Lankan and Maldives firms to the Deloitte network.
- Advising Bharti Airtel Limited on the transfer of 100% of shares of its local subsidiary, Airtel Lanka (Private) Limited (“Airtel Lanka”), to Dialog Axiata PLC (“Dialog”) and the subsequent merger between Airtel Lanka and Dialog.
- Advising Sunshine Healthcare Lanka Limited (SHL) and Sunshine Holdings PLC on the proposed equity infusion by International Finance Corporation (IFC) in SHL.
F. J. & G. De Saram
F. J. & G. De Saram‘s ‘reliable and approachable’ corporate law division fields a ‘plethora of knowledge and experience‘ across a broad spectrum of work, advising multinationals in Sri Lanka in high-value and sophisticated matters pertaining to share acquisition and divestment, capital financing and ongoing amalgamations. Ayomi Aluwihare is a key member of the team in capital market, investment and finance sector-related activities, while Shehara Varia takes point on the team’s M&A-related matters. Anjali Fernando oversees work pertaining to the construction, infrastructure and hospitality sectors. Shanaka Gunasekara and Himali Mudadeniya are both highly active advising clients in the baking and finance sector, while Buwaneka Basnayake holds over 15 years of experience in capital markets and foreign expansion advice.
Practice head(s):
Ayomi Aluwihare; Shehara Varia; Anjali Fernando; Himali Mudadeniya; Buwaneka Basnayake; Shanaka Gunasekara
Other key lawyers:
Praveeni Algama; Shevanthi Perera
Testimonials
The plethora of knowledge and experience demonstrated by the partners is what I find unique. They are also very reliable and approachable.’
‘Our recent interactions have been with Ayomi Aluwihare, Buwaneka Basnayake and Praveeni Algama. Their knowledge and expertise in corporate and investment-related matters are par excellence. ’
‘Punctual.’
‘The firm practices high standards of professionalism, work ethics and quality of client deliverables.’
‘Excellent team with wide legal knowledge. Legal work is best available in Sri Lanka.’
‘Very friendly and professional team of individuals, who have the knowledge in subject areas or refer to the relevant subject matter expert.’
Key clients
Dialog Axiata PLC
Emerald Sri Lanka Fund I Limited
Hayleys PLC
TRF Singapore Pte. Ltd
Lanka Credit and Business Finance Limited
Asia Development Bank
Minor International PCL
Colombo Stock Exchange
Reliance Retail Ventures Limited
D L A Piper (Singapore)
Work highlights
- Acted as the legal advisor to TRF, a Tata Group company, on the sale of its shares in Dutch Lanka Trailer Manufacturers Limited.
- Advised Dialog as local counsel on the proposed acquisition of Airtel Lanka in consideration of shares to be issued to Airtel India in Dialog including the negotiation and execution of inter alia the Share Sale Agreement and carrying out a due diligence of Airtel prior to the acquisition
- Advised International Finance Corporation (“IFC”), a member of the World Bank Group on the proposed investment of up to Sri Lanka Rupees Three Billion Two Hundred Seventy Million (3,270,000,000) in Sunshine Healthcare Lanka Limited (“SHL”).
Julius & Creasy
The corporate department at Julius & Creasy is experienced in a range of domestic and international matters in the consumer goods, energy and financial sectors. The team is retained for regulatory matters, including compliance due diligence negotiation with the Board of Investment, facilitation of investments and incorporations, alongside shareholder and share disputes. Amila Fernando and Anandhiy Gunawardhana co-head the team, lending to the team over two decades of corporate law experience. The team also boasts the extensive company and subsidiary law expertise of Diluka Rodrigo, along with Shane Silva’s background in restructuring, due diligence and foreign investments.
Practice head(s):
Amila Fernando; Anandhiy Gunawardhana
Other key lawyers:
Shane Silva; Diluka Rodrigo
Work highlights
Tiruchelvam Associates
Boasting ‘exceptional level of professionalism’, along with ‘straightforward and sound business advice’, the commercial and corporate practice at Tiruchelvam Associates sees its greatest strength in the breadth and depth of its corporate law experience, advising on a broad spectrum of transactional matters and shareholder divestments, corporate governance and due diligence services, along with the setting up of companies in heavily regulated sectors such as pharmaceuticals and non-profits. The team is especially experienced in cross-jurisdictional work, regularly being retained for investment-related matters from several Asian jurisdictions. Asanka Abeysekera and Nirosha Peiris co-head the team, while Laila Nasry is considered a port of call for commercial transactions and pharmaceutical sector-related matters.
Practice head(s):
Asanka Abeysekera; Nirosha Peiris
Other key lawyers:
Laila Nasry
Testimonials
‘Professional, knowledgable, eloquent.’
‘The partners and staff at Tiruchlvam demonstrated an exceptional level of professionalism, consistently working to understand our specific needs and providing solutions that aligned perfectly with our requirements within the legal framework.’
‘I find them to be very thorough in the subject matter. Always eager to share their opinion very directly.’
‘Swift action, straightforward and sound business advice.’
‘I worked with Mihirani Shanika, Nirosha Peris and Lekangi Perera and each one of them was very helpful in timely responding to my queries.’
‘The team follow up with the client and ensures the client gets satisfactory services.’
‘The team has expertise and is able to handle a wide range of topics which is a great strength. They build good relations and are able to focus on the needs of clients.’
‘Personalised service and ability to provide good service which includes advice on future trends and changes in the horizon which may impact the organisation.’
Key clients
International Finance Corporation (IFC), World Bank Group
Galadari Hotels (Lanka) PLC
Abdul Latif Galadari Holdings Limited
SIS International Holdings Ltd
DCSL Breweries Lanka Limited (Formerly known as Heineken Lanka Limited)
Anabion Pharmaceutical Industries Ltd.
Mitsui & Co. Ltd.
Hettich India (Private) Limited
Httpool Holdings UK Limited
PACT INC.
eBEYONDS (Pvt) Ltd.
Medecins Sans Frontieres (MSF) South Asia
Global Payments Asia-Pacific Limited
Novo Nordisk Lanka (Private) Limited
Lankaloha Hardware Limited
Cisco Systems Management B.V.
Work highlights
- Advising the International Finance Corporation (IFC) appointed as the Transaction Advisor by the Government of Sri Lanka (GOSL) in relation to the divestiture of GOSL’s majority stake in Sri Lanka Telecom PLC.
- Advised SIS International Holdings Ltd., in relation to its proposed acquisition of luxury car dealership Prestige Automobile (Private) Limited.
- Advised Galadari Hotels Lanka PLC on entering into an agreement with the Board of Investment of Sri Lanka for a proposed investment of USD 33.5 million to refurbish Galadari Hotels Colombo
Heritage Partners
The ‘very well diversified’ corporate, commercial and M&A practice at Heritage Partners fields a ‘thorough knowledge of the area of law’, and, along with its corporate governance, debt restructuring and due diligence work, has notable expertise in transactional matters. The team is especially adept at share acquisition, pursuing both domestic and cross-jurisdictional mandates involving divestiture, raising of investments, and compliance with regulations pertaining to public listing of shares, with notable activity in the financial, venture capital and technology sectors. Arittha R. Wikramanayake heads the practice, holding over 40 years of experience in corporate matters. He is assisted by the expertise of Eric Dathika Wikramanayake and Savini Tissera, both keenly experienced in corporate governance and transactional matters.
Practice head(s):
Arittha R. Wikramanayake
Other key lawyers:
Eric Dathika Wikramanayake; Savini Tissera
Testimonials
‘The team makes the difference.’
‘Dathika Wickremanayake is efficient and gets the job done for us.’
‘The team is very well diversified and has thorough knowledge of the area of law.’
Key clients
Janashakthi Limited
Ceylon Capital Market Advisors Limited
Medrac (Private) Limited
Minority shareholder of Atlas Axilia Company (Private) Limited
Sozo Beverages (Private) Limited
Arc Asia Limited
Work highlights
- Advised Nestle Lanka Limited on the squeeze out of its minority shareholders.
- Advised on the restructuring of the Ambeon Group.
- Advised the minority shareholder of Atlas Axilia Company (Private) Limited on the divestiture of the remaining stake in Atlas Axilia Company (Private) Limited.
Nithya Partners
Fielding ‘a diverse team of experts able to handle most matters,’ the corporate, Commercial and M&A department at Nithya Partners is especially active in transactional matters, including amalgamations, share sales and acquisition of publicly listed companies. Additionally, the team is proficient in corporate due diligence work, advising multinational companies on regulatory compliance. Naomal Goonewardena is highlighted for his ‘thorough analysis of facts and the law,’ and co-heads the department with the ‘exceptional’ Nirusha Ratnatunga, a specialist in corporate law and acquisitions.
Practice head(s):
Naomal Goonewardena; Nirusha Ranjitkumar Ratnatunga
Testimonials
‘I have dealt exclusively with a partner in Nithya Partners. The advice provided is unique, particularly regarding the financial sector, tax, etc.’
‘Neomal Gunawardhane is both qualified in law and accountancy and thus does not look at transactions only from the perspective of legal. Provides advice based on a thorough analysis of facts and the law, which helps clients to make decisions on commercial transactions.’
‘They are a very dynamic team offering a wide range of practice areas. In my experience, they are committed to delivering innovative, timely, and commercially viable solutions to the legal challenges that are referred to them.’
‘I have closely worked with the following partners and associates: Chanaka De Silva, Naomal Gunawardena, Nirusha Ratnatunga, and Dilrukshi Paul. They are extremely professional and very easy to work with. Contactable via call and are ready to assist to the extent possible.’
‘Team capabilities and knowledge on the subject topics are very relevant, which helps us in making conscious business decisions.’
‘Mr. Naomal is a unique character in terms of capabilities, and knowledge of the law of finance and taxation.’
‘Accessibility and expertise. The firm has a diverse team of experts able to handle most matters. Accessibility to the partners who are experts in their areas of specialisation and competitive fees remain the top reasons Nithya Partners to be selected as our preferred legal counsel.’
‘Nirusha Ratnatunga is an exceptional corporate lawyer. She is easily accessible, gives practical advice and has a lot of corporate law experience.’
Work highlights
Sudath Perera Associates
Highlighted for its ‘global mindset’ and ‘deep understanding of specific frontier markets’, the corporate and commercial law department at Sudath Perera Associates is a port of call for corporate transactional matters, including cross-border M&A and acquisition of shares. In addition, the team is experienced in regulatory due diligence and high-value corporate restructuring. Noted as ‘collaborative and extremely effective’, Dushyantha Perera heads the team and is assisted by the corporate background of Nipuni Samarasekara, along with Hafsa Ifthikar‘s regulatory and compliance expertise.
Practice head(s):
Dushyantha Perera
Other key lawyers:
Nipuni Samarasekara; Hafsa Ifthikar
Testimonials
‘Global mindset, deep understanding of specific frontier markets and how that connects back to more established markets.’
‘Dushyantha Perera is collaborative and extremely effective. He acts with an owner mindset for his clients, proactively taking responsibility to get things done vs only just advising.’
‘The team is highly responsive and prompt, we have worked on joint mandates for our Indian clients operating in Sri Lanka, working on aspects of data protection and privacy. While the Sri Lankan laws are in an evolutionary stage the team was able to provide clear and in-depth advice.’
‘It is always reassuring to interact with Dushyantha Perera, he is highly responsive, pragmatic and open to collaboration. All these qualities make him our most preferred partner in Sri Lanka.’
‘The corporate team of Sudath Perera is excellent – their knowledge, expertise and quality of service are outstanding. They not only know the law and practice – they are proactive and dedicated to achieving the best result for their clients. They are excellent problem solvers and trustworthy advisers.’
‘Dushyantha Perera is simply excellent and his professional knowledge and problem-solving abilities are of the highest quality. He has, time and time again, demonstrated excellent legal, economic and commercial awareness, helping his clients “see around corners”, anticipate obstacles and overcome various obstacles. ’
Key clients
Associated British Foods
Deloitte Partners
United Petroleum (Australia)
Ansell
Fonterra
Unifeeder (part of DP World UAE)
Volvo Cars
Chevron
Pacific Air Agency Group (Korea)
Takeda Pharmaceuticals
Work highlights
- Advised the former PwC member firms in Sri Lanka and the Maldives on their accession to the Deloitte network.
- Advised United Petroleum of Australia on its US$27.5Mn FDI into the retail fuel market in Sri Lanka.
- Advised Direct Source Seafoods USA on its US$20Mn strategic partnership with Taprobane Seafoods Sri Lanka.
LegalBase
Fielding ‘decades in handling complex cases and transactions’, the corporate and commercial department at LegalBase holds ‘seasoned professionals’ with significant experience in full-service corporate services, overseeing transactional, contractual and regulatory due diligence for companies seeking to establish themselves in Sri Lanka, along with companies seeking advise in foreign jurisdictions, particularly the UAE. Ali Tyebkhan leads the team and is assisted by the extensive experience of co-founding partner Sudath Perera. Natasha Burhan is frequently active in contractual agreement drafting in the IT and investment sectors.
Practice head(s):
Ali Tyebkhan
Other key lawyers:
Sudath Perera; Natasha Burhan
Testimonials
‘LegalBase has foreign lawyers who bring international expertise which is very relevant in today’s context, where most transactions need input from lawyers having knowledge and experience in handling cross-border transactions.’
‘Trustworthy and proactive.’
‘Very approachable and hands-on with every case they take on.’
Key clients
Edible Arrangements
M Advocates
ADG
The Smarty Train Limited
Avasam Limited
Seamlessly Limited
Dilmah
K10 Apprenticeships Limited
Broker Back Office Limited
Eswaran Brothers
Mithril Asset Management
Chryso
George Petch International UK
Printsource
Ebusiness Guru Limited
Takeaway Packaging Supplies Ltd
Bake N More Factory LLC
Sea House Food Stuff LLC
Teen Tips Limited
It Happens Education Ltd
TrustQore
Work highlights
- Providing ADG with ongoing services in connection with a number of varied corporate and transactional matters.
- Assisted TrustQore in drafting various agreements which serve as foundational documents for the set-up of their new business in the UAE.
- Advised K10 on a wide range of day-to-day corporate and commercial work, including advising on appropriate contractual arrangements as well as structuring, drafting, reviewing, and negotiating their contracts.