Page 13 - Acquisition

24Seven may return under 'The New Shop' banner as acquisition talks begin

Grocery convenience retail startup is in talks with Godfrey Phillips India to acquire its 24Seven retail stores

Fintech Infibeam Avenues to acquire controlling stake in Rediff.com

Infibeam plans to combine its digital payment services, platform business offerings, and artificial intelligence solutions with Rediff.com's services

Godrej Agrovet signs pact to acquire Tyson's stake in Godrej Tyson Foods

Increases its stake from 51 per cent to 100 per cent

Tata Steel gets 5.57 bn equity shares in Singapore-based arm for $875 mn

Tata Steel on Monday said it has acquired over 557 crore equity shares in its Singapore-based arm for USD 875 million. In May, Tata Steel's board had approved infusion of funds into T Steel Holdings Pte Ltd (TSHP), by way of subscription to equity shares in one or more tranches, the company said in an exchange filing. "Further to our disclosure dated May 29, 2024... we wish to inform you that, the company has today acquired 557,32,48,408 equity shares of face value USD 0.157 each aggregating to USD 875 million (Rs 7,324.41 crore) in TSHP," Tata Steel said. Post this acquisition, TSHP will continue to be a wholly-owned subsidiary of the company, it said.

Power company CESC acquires 64% stake in Purvah Green Power for Rs 205 cr

Power company CESC Ltd on Monday said it has acquired 63.91 per cent equity shares in Purvah Green Power for Rs 205 crore. Post-acquisition, Purvah Green Power Private Limited (Purvah) will become its direct subsidiary, CESC said in a regulatory filing. "The company (CESC) has acquired today 63.91 per cent equity shares of Purvah Green Power Private Limited ("Purvah"), a wholly-owned subsidiary of Crescent Power Limited (a subsidiary of the company), thus making Purvah a direct subsidiary of CESC Ltd," it added. The cost of acquisition would be Rs 205 crore, the company said. "63.91 per cent of Purvah's shares were acquired by the company by subscribing to 20,50,00,000 equity shares of Rs 10 each for an aggregate consideration amounting to Rs 2,05,00,00,000," the filing said. CESC is into the generation, transmission, and distribution of electrical power.

White Matter Advisory acquires 90% stakes in fintech startup Fairexpay

Treasury risk consulting firm White Matter Advisory on Monday announced the acquisition of a 90 per cent stake in fintech startup Fairexpay for an undisclosed amount. The acquisition will help White Matter Advisory in expanding its portfolio in the area of cross-border remittance and fund collection services, a release said. White Matter Advisory, operating under the name SaveDesk (White Matter Advisory India Pvt Ltd), is in the treasury risk advisory sector. It oversees funds under management (FUM) totalling USD 8 billion, offering advisory services to a wide range of clients. Bangalore-based White Matter Advisory helps businesses navigate the complexities of treasury and risk management. Fairexpay, authorised by the Reserve Bank of India (RBI) under Cohort 2 of the Liberalized Remittance Scheme (LRS) Regulatory Sandbox, boasts features, including best-in-class FX rates, 24-hour processing time, and comprehensive security compliance. "With this acquisition, White Matter Advisory

Apollo Funds to buy IGT's gaming, digital business, Everi in $6.3 bn deal

The deal, subject to regulatory approvals and approval by Everi stockholders, is expected to be completed by the end of the third quarter of 2025

Mankind Pharma and EQT compete to acquire BSV Group for Rs 14,000 crore

Advent International, the private equity firm currently owning BSV, appointed JP Morgan and Jefferies to facilitate the sale of the biopharma firm

Dharana Capital acquires shares worth Rs 400 crore in Urban Company

Dharana Capital founder Vamsi Duvvuri to join the board as Non-Executive Director

Google eyes largest-ever deal, in talks to buy cybersecurity firm Wiz

The mega acquisition, if successful, would be Google's largest ever, surpassing its previous high of $12.5 billion for Motorola Mobility in 2012

Coforge buys 17% stake in Cigniti Technologies for Rs 645 cr via block deal

IT company Coforge on Friday bought a 17 per cent stake in Cigniti Technologies for Rs 645 crore through open market transactions. According to the block deal data available with the BSE, Coforge purchased a total of 46,18,199 shares or 16.9 per cent stake in Cigniti Technologies. The shares were acquired at an average price of Rs 1,398.5 apiece, taking the transaction value to Rs 645.85 crore. Meanwhile, Kukunuru Madhava Lakshmi and Kukunuru Kumar Bapuji, public shareholders of Cigniti Technologies have exited the firm by selling their entire 6.83 per cent stake in the firm. In addition, Sapna P and Venkata Subramanyam Chakkilam, one of the promoters of Ciginiti, also offloaded shares in the company. A total of 46.18 lakh shares of Cigniti were sold by Kukunuru Madhava Lakshmi, Kukunuru Kumar Bapuji, Sapna and Chakkilam at the same price. Shares of Cigniti Technologies fell 1.28 per cent to close at Rs 1,367.20 per piece on the NSE. On Thursday, digital services and solutions .

M&A deal value slows 9% to $38 billion in the first half of 2024

Deals to pick up in the second half, say bankers

HDFC Capital Advisors acquires 8.5% stake in TruBoard Technologies

HDFC Capital Advisors on Monday said it has acquired an 8.5 per cent stake in Truboard Technologies Pvt Ltd. TruBoard has developed a technology platform called TruGenie for real estate asset management which aims to address the needs of investors, asset owners and developers. TruGenie is currently being used by some of the top private banks and real estate funds, a statement said. "Our investment in TruBoard is part of the H@ART initiative which has been set up to invest and partner in technology companies that bring efficiencies in the real estate ecosystem," Vipul Roongta, Managing Director and CEO of HDFC Capital, said. TruBoard Co-Founder Vipul Thakore said this strategic investment by HDFC Capital is a testament to our vision and the value we bring to the industry. This strategic investment will help in accelerating technology enhancements, expand market reach, and ensure robust infrastructure and customer support for future growth, the statement added.

Boeing planning to acquire key supplier Spirit AeroSystems for $4.7 bn

Boeing announced plans to acquire key supplier Spirit AeroSystems for $4.7 billion, a move that it says will improve plane quality and safety amid increasing scrutiny by Congress, airlines and the Department of Justice. Boeing previously owned Spirit, and the purchase would reverse a longtime Boeing strategy of outsourcing key work on its passenger planes. That approach has been criticized as problems at Spirit disrupted production and delivery of popular Boeing jetliners, including 737s and 787s. We believe this deal is in the best interest of the flying public, our airline customers, the employees of Spirit and Boeing, our shareholders and the country more broadly, Boeing President and CEO Dave Calhoun said in a statement late Sunday. Concerns about safety came to a head after the Jan. 5 blowout of a panel on an Alaska Airlines 737 Max 9 at 16,000 feet over Oregon. The Federal Aviation Administration soon after announced increased oversight of Boeing and Spirit, which supplied the

TVS Mobility arm acquires automotive components supplier Roberto Nuti

TVS Mobility group on Monday said its subsidiary SI Air Springs has acquired Italy-based automotive components supplier Roberto Nuti Group, which will help it broaden the product range and strengthen its position in the global market. The pact between the two partners includes the 100 per cent purchase of Roberto Nuti Group by TVS Mobility indirectly, through its wholly-owned Indian subsidiary, SI Air Springs Private Limited and investments appropriate to the full re-launch of the company, TVS Mobility group said in a statement. It also said that both companies will continue to operate normally during the integration period. TVS Mobility has a well-established presence in Europe with some of the other businesses that are part of the group such as TVS Supply Chain Solutions and TVS Srichakra Ltd. Following this collaboration, the Bologna (Italy)-based group will now operate on a more international scale, benefiting from the market and product leadership of TVS Mobility, it said. "T

TPG agrees to acquire majority stake in digital services firm Altimetrik

TPG said in May it secured approximately $5.3 billion in capital commitments for its Asia VIII fund, making it the largest in its 30-year history investing in the region

JSW Infra buys 70.4% stake in logistics firm Navkar Corp for Rs 1,013 cr

An open offer will be made to the rest of the shareholders of Navkar Corporation which will cost around Rs 412.17 cr

Board of Axis Bank gives nod to hike stake in Max Life for Rs 336 cr

Max Life Insurance is a subsidiary of Max Financial Services

Cipla to invest additional 3 mn euro in mRNA technology company Ethris

The aim is to accelerate Cipla's entry into the mRNA space and deliver innovative mRNA-based therapies, particularly targeting respiratory treatments, to patients in emerging markets

PwC India expects rise in small, mid-size merger & acquisition transactions

PwC India anticipates an upswing in the India markets, especially in small to mid-size M&A (merger and acquisition) transactions and growth fundings driven by increasing investors' confidence. The year 2023 witnessed the emergence of a nuanced M&A landscape, with investors showing interests in diverse strategies and larger-scale ventures, even amid an overall decrease in PE investment, said Sanjeev Krishan, Chairperson, PwC in India. While PE deals were higher in volume, strategic deals dominated the top deals -- and domestic deals with group-level consolidations were a prominent theme. The first quarter of 2024 marked a resurgence in deal value and volume. According to a PwC report, top 10 deals of 2023 included JV buyouts, strategic investments, PE buyouts, and stock mergers, and contributed to 21 per cent of the total deal value. While PE deals were higher in volume overall, strategic deals dominated the top deals with domestic deals and group-level consolidations as a ...