Page 20 - Acquisition

Gulf royal's $1.5 trillion empire draws global bankers, billionaires

Over the past few months, Sheikh Tahnoon bin Zayed Al Nahyan has gained control of the largest sovereign wealth fund in the United Arab Emirates, expanding the assets he oversees to almost $1.5 trn

Torrent Pharma gears up to buyout Cipla promoters, approach PE funding

Torrent Pharma might pay a total of Rs 60,000 crore (around $7.2 billion) for a 59.47 per cent stake in the 88-year-old pharmaceutical company

UBS smashes Q2 banking profit record on heels of Credit Suisse takeover

The $29 billion gain is a result of the accounting difference between the $3 billion price UBS paid for Credit Suisse and the value of the acquired lender's balance sheet

Schaeffler India to fully acquire auto spare parts platform Koovers

Schaeffler India Ltd on Monday said it will fully acquire KRSV Innovative Auto Solutions Pvt Ltd, an automotive aftermarket spare parts platform, for Rs 142.4 crore. Bengaluru-based KRSV Innovative Auto Solutions, which operates under the brand Koovers, offers spare parts solutions to Indian aftermarket workshops via a B-to-B e-commerce platform. "This acquisition presents an ideal synergy for Schaeffler's future after sales activities in India. It will be a key enabler for the aftermarket ecosystem, including distribution partners and help to play an important role in the fast growing and evolving aftermarket digital landscape," Schaeffler India said in a statement. Under the share purchase agreement, Schaeffler India will acquire 100 per cent shares of KRSV Innovative Auto Solutions for a consideration of approximately Rs 142.4 crore, it added. "The transaction would be completed in the third quarter of CY 2023, subject to customary closing conditions. This acquisition will be fu

JSW Steel plans to pick up 20%-40% stake in Teck Resources' coal unit

JSW, along with Japanese and Korean mills, plans to buy a stake in Teck's Elk Valley Resources, with a combined offer valuing the unit at $8 billion, Jindal told the publication in an interview

Sandwich chain Subway agrees to sell itself to Arby's owner Roark Capital

Roark beat out a late challenge from a rival bidding group led by TDR Capital and Sycamore Partners, which also submitted a final bid of more than $9 billion

Subway nears $9.6 billion sale to Arby's owner Roark Capital: Report

A deal could be finalized this week, the report said, citing people familiar with the matter

CCI slaps Rs 40 lakh fine on Axis Bank over acquisition of stake in CSC

The Competition Commission of India (CCI) has slapped a fine of Rs 40 lakh on Axis Bank for failing to notify the regulator about its acquisition of a stake in CSC e-Governance. The transaction under consideration comprised acquisition of a 9.91 per cent stake in CSC e-Governance by Axis Bank and got completed in November 2020, the CCI said in an order. For the transaction, Axis Bank was required to give notice to the fair trade regulator. However, it failed to do so, according to the order. "It is apparent that the acquisition of stake in CSC e-Governance by Axis Bank was neither solely as an investment nor can be considered to be in ordinary course of business. "Therefore, the AxisCSC e-Governance acquisition is not eligible for the benefit of the Item 1 of Schedule I (combination regulation) and accordingly, it is immaterial whether the transaction led to acquisition of control or not," the regulator said. Thus, CCI observed that no determination is warranted whether the ...

NCLT approves Vedanta's acquisition of Meenakshi Energy at Rs 1,440 crore

Meenakshi Energy holds a substantial coal-based power plant generating 1,000 MW of electricity

Apple should end deal drought by buying ESPN from Walt Disney, says analyst

An acquisition or strategic partnership with the sports channel would be "a no brainer," wrote analyst Dan Ives. He said that buying ESPN would probably cost more than $50 billion

Alibaba's Antfin transfers 10.3% stake to Paytm chief Vijay Shekhar Sharma

Chinese e-commerce major Alibaba group firm Antfin has transferred its 10.3 per cent stake in One97 Communications to the fintech firm's founder and CEO Vijay Shekhar Sharma, according to a regulatory filing. The deal turns One97 Communications, which operates under Paytm brand name, into a majorly Indian-owned company from being majorly owned by Chinese entities. Antfin will continue to hold the economic rights of the stake that is being transferred to Sharma. "We, Antfin (Netherlands) Holding B.V., one of the shareholders of One 97 Communication Limited, hereby file the disclosure in the format prescribed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, with respect to disposal of 65,335,101 equity shares of the Company..." the filing said on Wednesday. The transaction was completed on August 14, which brought the total stake of Antfin to 13.49 per cent from 23.79 per cent earlier, the filing said. The deal makes Sharma family t

Environmentalists in bulk quit Twitter after Musk takeover, research finds

Nearly half the environmentalists active on Twitter, now X, left the platform in the 6-months following Musk's takeover, researchers found and say this could have serious implications for public discourse surrounding issues such as biodiversity, climate change, and natural disaster recovery. The researchers studied a group of 3,80,000 "environmentally-oriented users" on Twitter, that included people from the conservation community active in pro-environmental discussions on topics like climate change and biodiversity. Only 52.5 per cent of these environmental users were found to be actively using Twitter in the 6-month period after Musk took over the microblogging platform. Users were considered "active" if they posted on the platform at least once within a 15-day period. Twitter, purchased by Elon Musk in October 2022, had previously served as the leading social media platform for environmental discourse. "Twitter has been the dominant social media platform for diverse environmenta

Adani Group agrees to buy remaining stake in Quintillion Business Media

Quint Digital Media is the parent group of Quintillion Business Media. Adani Group already has a 49% stake in Quintillion Business Media.

Ashok Leyland to acquire OHM India as part of EV plan, to invest Rs 300 cr

Hinduja group flagship firm Ashok Leyland on Monday said it will fully acquire OHM Global Mobility Pvt Ltd from OHM International Mobility Ltd and will invest Rs 300 crore into the acquired entity. OHM Global Mobility Pvt Ltd (OHM India) is a wholly-owned subsidiary of OHM International Mobility Ltd UK (OHM UK) and the promoter, Hinduja Automotive Ltd, directly holds 20 per cent and indirectly through other subsidiaries holds 43.23 per cent in OHM UK, Ashok Leyland said in a regulatory filing. The acquisition is a part of the company's EV strategy to engage in the business of eMaaS (e-Mobility as a Service). This would likely result in enhancing the operational efficiency and synergy, it added. OHM India is envisaged to operate in transportation, logistics operation and management and eMaaS. "The company also proposes to infuse fresh equity or preference capital of up to Rs 300 crore in one or more tranches into OHM India for its business requirements," Ashok Leyland said. OHM Ind

LS Digital buys Social Panga in 3rd acquisition after Langoor, F1 Studioz

The new creative agency will be India's largest integrated marketing platform

Jio Platforms' subsidiary Radisys completes acquisition of Mimosa Networks

Jio Platforms' subsidiary Radisys Corporation on Friday announced that it has completed the acquisition of Mimosa Networks, Inc. from Airspan Networks Holdings Inc. Earlier this year, the companies had announced the deal under which Radisys Corporation signed a definitive agreement with US-based Airspan Networks Holdings for the acquisition of Mimosa Networks for USD 60 million on a debt-free, cash-free basis. According to a release on Friday, "Radisys Corporation, a wholly owned subsidiary of Jio Platforms Limited and a global leader of open telecom solutions, today announced that it has completed the acquisition of Mimosa Networks, from Airspan Networks Holdings Inc." With this, Mimosa has become a wholly-owned subsidiary of Radisys. Radisys' acquisition of Mimosa will accelerate the availability of broadband access for advancing societies, the release said. Mimosa offers a diverse portfolio of point-to-point and point-to-multi-point connectivity products leveraging unlicensed ..

UBS ends Swiss govt's rescue packages that aided Credit Suisse takeover

UBS said Friday it has shut down rescue packages agreed with Swiss authorities that made available up to 200 billion Swiss francs (about USD 230 billion) to help shepherd through its takeover of ailing rival Credit Suisse and avert an international banking crisis. The Zurich-based banking giant, which completed the takeover on June 12, said it had moved to voluntarily terminate" rescue programmes that aimed to help mop up billions of losses and provide liquidity to the banks as they moved forward on the complex deal. UBS said it had repaid 50 billion francs in loans from the Swiss National Bank and 100 billion francs in liquidity support from the Swiss government, while ending a 9 billion franc loss protection agreement with the government. In total, UBS also paid some 730 million francs in commitment fees and risk premiums to Swiss authorities, comprised of 200 million to the government and 530 million to the national bank. Swiss authorities and UBS announced the hastily arranged

Ananya Birla's Svatantra to acquire Navi Group's Chaitanya for Rs 1,479 cr

The acquisition is set to position Svatantra as the second largest NBFC-MFI in India, fostering a boost to microfinance reach and impact

Adani Group's Ambuja Cements to acquire Sanghi Industries for Rs 5,000 cr

Purchase will entail purchase of 56.74% shares from Sanghi Industries' promoter group

Ambuja Cements gains 3% on acquisition of Sanghi Industries for Rs 5,000 cr

ACL will acquire 56.74 per cent shares of SIL from its existing promoter group, Ravi Sanghi & family.