Page 22 - Acquisition

Online platform CarTrade Tech to acquire Sobek Auto for Rs 537 crore

Online auto classified platform CarTrade Tech on Monday said it has inked a pact to acquire Sobek Auto India for a consideration of Rs 537 crore. Sobek is engaged in the business of running an automotive digital platform and a classifieds internet business. The company has entered into a share purchase agreement to acquire 100 per cent stake of Sobek from OLX India BV subject to completion of certain conditions, CarTrade Tech said in a regulatory filing. The acquisition of Sobek will be for a consideration of Rs 537.43 crore to be paid on the completion date of the acquisition, it added. The acquisition is in furtherance of the strategic objectives of the company to undertake investments which provide synergistic benefits to the existing businesses of the CarTrade Tech, it said. On June 30, 2023, Sobek had acquired the classifieds internet business from OLX India on the terms and conditions agreed under a business transfer agreement.

Elon Musk claims lawyers overbilled in fight to make him buy Twitter

Wachtell Lipton Rosen & Katz, among most profitable firms in US, exploited a brief, vulnerable period just as Musk was closing $44 bn deal, according to complaint filed in San Francisco state court

Samvardhana Motherson to acquire Bengaluru-based Rollon Hydraulics

Auto component maker Samvardhana Motherson International on Friday said it has inked a pact to fully acquire Bengaluru-based Rollon Hydraulics for an undisclosed amount. Rollon is engaged in manufacturing, assembly and supply of high-precision turned parts, spools, and other machined components with critical engineering applications for the agriculture and off- Highway segment from its two facilities based out of Bengaluru. "Our focus on being a solutions provider to our customers has been a driving force for this acquisition. We are getting access to a new industry segment of construction and material handling for our precision metal business," Motherson Chairman Vivek Chaand Sehgal said in a statement. The company believes this business is highly synergistic with Motherson's existing business and offers ample opportunities to grow this business in India, Mexico & other geographies, he added. "This is our fifth acquisition in India in the past 12 months, reaffirming India's ...

Tata Comm: Upsides in stock limited given execution challenges, valuations

Sharp rally and integration/execution challenges may cap upsides for the stock

Stelis sells Bengaluru facility to Biocon arm Syngene for Rs 702 cr

Strides's 37 per cent stake in Stelis is valued at Rs 800 cr

Siemens acquires Mass-Tech Controls Private's EV division for Rs 38 cr

Siemens Limited on Saturday said it has completed the acquisition of the electric vehicle division of Mass-Tech Controls Private Ltd for Rs 38 crore. Siemens is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power. In a regulatory filing, the company said it "has completed the acquisition of EV division of Mass-Tech Controls in accordance with the definitive agreements entered between the parties for a consideration of Rs 380 million, which is subject to adjustments mutually agreed between the parties to the transaction".

Tata Communication slips 4% on acquisition plan of US-based Kaleyra

Kaleyra is a global omnichannel integrated communication services provider with a set of proprietary platforms, which offers targeted personalisation through messaging, video, push notifications

ICICI Securities to become 100% subsidiary of ICICI Bank after delisting

As a part of the acquisition, shareholders of ICICI Securities will get 67 equity shares of ICICI Bank for every 100 shares of the company

Sleepwell owner Sheela Foam to buy rival Kurlon Enterprise for Rs 3,250 cr

The deal will help Sheela Foam to nearly double its market share in the mattresses segment, said the report

SBI to acquire 20% stake of SBI Capital Markets in SBI Pension Funds

State Bank of India (SBI) on Tuesday said it will acquire an entire 20 per cent stake of SBI Capital Markets in SBI Pension Funds. The stake transfer would be subject to all regulatory approvals, SBI said in a regulatory filing. The Executive Committee of the Central Board (ECCB) of the bank has accorded approval for acquiring the entire 20 per cent stake held by SBI Capital Markets Ltd in SBI Pension Funds Pvt Ltd, it said. SBI Pension Fund is the largest pension fund manager out of 10 managing about Rs 3,59,040.81 crores of assets under management (AUM) with around 37 per cent market share as of May 31, 2023. It manages over 48 per cent market share of AUM in the private sector.

Infra.Market to acquire 92% stake in Strata Geosystems at Rs 910 cr

Manufacturing unicorn Infra.Market will acquire around 92 per cent stake in geosynthetics company Strata Geosystems India from US-based Glen Raven Technical Fabrics LLC at an enterprise value of Rs 910 crore, a senior company official said on Monday. Infra.Market co-founder Souvik Sengupta said the deal involved the acquisition of Glen Raven's geosynthetics business through Strata Geosystems. "We will acquire a 92 per cent stake in Strata Geosynthetics from Glen Raven and through Strata, we will acquire the entire geosynthetics business of Glen Raven," Sengupta said. Through this acquisition, Infra.Market eyes category leadership in geosynthetic manufacturing and geotechnical engineering. The acquisition will be done by Infra.Market's parent Hella Infra Market Private Limited. "We expect to close both deals by July," Sengupta said. Strata is an early entrant in the technical textile sector in India and has scaled to become a global leader in geosynthetic manufacturing, specialisi

IBM to buy software firm Apptio for $4.6 bn to bolster cloud offering

IBM said it will finance the transaction with cash on hand and expects the deal to close in the latter half of 2023

Infosys inks $454 mn deal with Danske Bank; to acquire its India IT centre

The deal is estimated at $454 million for a period of 5 years with an option to renew for one additional year for a maximum of three times

Adani Ent likely to challenge IRCTC's monopoly in online ticket booking biz

The company in a BSE filing said that the share purchase agreement has been signed for a 100 per cent acquisition in the Stark Enterprises, which is an online train booking and information platform

Samvardhana Motherson Int'l to buy Cirma Entreprise SAS for 7.2 mn euros

Auto components maker Samvardhana Motherson International Ltd on Thursday said its arm Samvardhana Motherson Automotive Systems Group BV will fully acquire French entity Cirma Entreprise SAS at an enterprise value of 7.2 million euros (nearly Rs 65 crore). Samvardhana Motherson Automotive Systems Group BV (SMRPBV) has signed a binding undertaking to acquire a 100 per cent stake in Cirma Entreprise from Vinci Energies France, Samvardhana Motherson International said in a regulatory filing. Cirma Entreprise is into aerospace, shipbuilding and allied industries. The cost of acquisition is pegged at an enterprise value of 7.2 million euros, it added. On the rationale behind the acquisition, the company said Motherson will become a Tier 1 to Aerospace OEM (Original Equipment Manufacturer) and proximity to OEM would open further avenues for growth. Also, it will help in diversification to electrical wiring and interconnect systems (EWIS) for aerospace, shipbuilding and other allied ...

Life Insurance Corporation increases stake in SAIL by 2.001% to 8.687%

Earlier this week, LIC had raised its stake in IT firm Tech Mahindra Ltd by about 2 per cent through an open market acquisition

Allcargo Logistics completes acquisition of 30% stake in Gati subsidiary

With the conclusion of this deal, Allcargo, along with Gati, now holds 100 per cent stakes in GKEPL and assumes complete control

Tanla to acquire ValueFirst Group in all-cash deal of up to Rs 395 crore

Enterprise messaging firm Tanla said it will acquire peer ValueFirst and its subsidiaries in an all-cash deal ranging up to Rs 395 crore. Tanla will acquire 100 per cent stake in ValueFirst Digital Media Private Limited from US-headquartered Twilio for an all-cash consideration of USD 42 million (Rs 346 crore), subject to upward closing adjustments in the range of USD 2.5-3.5 million (Rs 20-29 crore), Tanla said in a filing on Thursday. The acquisition is expected to close in July 2023. It will also acquire ValueFirst Middle East FZC for a cumulative consideration of Rs 20 crore through a combination of primary investment and a secondary purchase from the existing shareholders, subject to closing conditions, according to the filing. The acquisition of ValueFirst Middle East FZC is expected to close by September 2023. "Acquisition of ValueFirst will further strengthen our undisputed market leadership in India. We only believe in purposeful acquisitions and have had an incredible tr

DS Group acquires chocolate brand LuvIt, to expand confectionary business

The company could scale the LuvIt brand to Rs 500 crore, up from the current Rs 100 crore, said Rajiv Kumar, vice chairman, of DS Group

KKR to take machinery maker Circor private in $1.6 bn deal, stock up 49%

KKR said it will pay $49 per share, sending Circor's stock up 49% at $47.20 in premarket trading. The offer represents a premium of nearly 55% to Circor's last close on Friday