Page 4 - Merger And Acquisition

Uday Shankar to be VC of merged Reliance-Disney media business: Report

Reliance and Disney are expected to make a formal announcement on Wednesday after signing a binding pact. Shankar is set to take a stake of around 9% in the new merged entity

M&A deal value in India declines 27% to $136 billion in 2023: Deloitte

M&A deal value in India fell 27 per cent in 2023 to USD 136 billion but the deals market is expected to remain steady in the current year, Deloitte India said in a report on Monday. "Amidst significant global challenges posed by high-interest rates, macroeconomic uncertainty, regulatory scrutiny, and geopolitical risks, India's M&A landscape stood resilient in 2023," 'India M&A Trends 2024' report said. "Despite global economic and geopolitical challenges, India's deals market is expected to remain steady, reflecting strong confidence from businesses and investors amidst a global economic slowdown," it added. In 2024, M&A (Merger and Acquisition) momentum is expected to remain steady with the manufacturing sector, driven by automotive, with deal growth expected in auto-components and Electric Vehicles (EVs). Also, the government's proactive initiatives to promote clean energy are expected to catalyse a significant rise in M&A within the energy sector. M&A in ..

Number of M&A deals in India falls 10% to 793 in 2023, says PwC report

However, the total disclosed deal value for M&A declined much steeper at 38 per cent during the year, according to the report titled 'Deals at a glance'

Sun Pharma to acquire 16.33% stake in Surgimatix for $3.05 million

Sun Pharmaceutical Industries Ltd on Tuesday said it will acquire a 16.33 per cent stake in Surgimatix, Inc, a US-based firm for USD 3.05 million (over Rs 25 crore). Surgimatix is engaged in the business of developing a proprietary soft tissue fixation device for laparoscopic hernia repair and other minimally invasive surgeries. It is yet to commence its commercial operations, Sun Pharmaceutical Industries said in a regulatory filing. The company has entered into an agreement with Surgimatix, Inc under which it has agreed to acquire 16.33 per cent shares of the latter, additionally, with the right to receive warrants equal to 20 per cent of shares purchased, it added. The cost of acquisition is USD 3.05 million, the filing said, adding that the acquisition is expected to be completed by February 2024, subject to fulfilment of certain conditions. Surgimatix was incorporated on November 19, 2007.

Zee Entertainment reaches out to Sony to revive terminated merger

Zee Entertainment Enterprises Ltd (ZEEL) is seeking rapprochement with Sony Group as it makes a last-ditch effort to resurrect a USD 10 billion merger, according to industry sources. After the Japanese multinational firm pulled the plug on its USD 10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said. On the other hand, Sony is understood to be evaluating the proposal from Zee. Comments from Sony Picture Networks India could not be obtained as an e-mailed query remained unanswered. A Zee spokesperson said, Since the matter is subjudice we have no comments to offer. Another source said ZEEL never stopped working for a possible reconciliation dialogue citing that it was ZEEL that moved to NCLT to make the merger happen. The ball is in Sony's court. They need to respond if the deal has to be revived, the source said. The development comes amidst the two parties filing cases again

China's online retailer JD.com versus Elliott in battle for UK's Currys

Currys on Saturday rejected Elliott's possible cash offer of 62 pence per share, a 700 million pounds ($883 million) proposal it said significantly undervalued the company

We will find another opportunity in India post Zee merger collapse: Sony

With the proposed merger of its Indian arm with Zee terminated, Sony will seek various options, including finding another opportunity to replace the plan and organic growth opportunities in India, which has great potential in the long term, according to a top company official. In an earnings call, Hiroki Totoki, president, COO & CFO of Sony said India is a very appealing market where it would continue to invest. "India on a long term basis has a great growth potential. It's a very appealing market. Therefore, we will try to seek various opportunities and if we can find another opportunity that would replace this type of plan," Totoki said when asked about the company's strategy in India after the termination of the proposed merger. On the investment which Sony had committed as part of the deal, he said:"Well, that investment is not going to change a capital allocation or it will not change our behaviour in our investment. So at the moment, we do not have any concrete plans." The ..

Max Healthcare Institute acquires Alexis Hospital at Rs 412 cr valuation

Max Healthcare Institute Ltd on Friday said it has acquired 100 per cent stake in Nagpur-based Alexis Multi-Speciality Hospital Pvt Ltd for an enterprise value of Rs 412 crore. Subsequently, Alexis Multi Speciality Hospital has been renamed as Max Super Speciality Hospital, Nagpur, the company said in a statement. Max Healthcare Chairman and Managing Director Abhay Soi said the successful completion of the acquisition of Alexis Hospital marks "a significant step forward in our growth strategy, allowing us to harness new opportunities, expand our capabilities, and deliver greater value to our patients in this region". Established in 2016, Alexis Hospital provides high-end tertiary care services such as organ transplant, oncology, including radiation, neurology, cardiology, gastroenterology and diagnostics facilities under one roof, the statement said. The acquisition is part of Max Healthcare's strategy to expand in Western and Central India.

Max Healthcare to acquire Nagpur-based Alexis Hospital for Rs 412 rore

Max Healthcare added that the bed capacity can be expanded to 340 beds in view of the availability of the floor area ratio for the given land and the strength of the existing structure

Can go to NCLT to enforce Sony merger deal after SIAC rejects petition: Zee

Sony scrapped the merger on Jan. 22, ending a deal that could have created one of India's biggest TV broadcasters, claiming breaches of contract

Reliance, Bodhi Tree set for 60% stake in Disney India merger: Report

The valuation of Disney's India unit is sharply lower than the $15-$16 billion estimated when Disney acquired it in 2019

Media mogul Byron Allen'slatest takeover attempt: Paramount for $14 bn

Allen offered $28.58 each for the voting shares of Paramount, a 50% premium to recent trading, and $21.53 for the non-voting shares, according to people familiar with his terms

India's M&A thrives: Sustains growth amid global economic slowdown

Mid-market acquirers shine, capturing almost 50% of deals in 2023, says Bain & Company's global M&A report

Sony scrapped $10 bn merger as Zee failed to meet financial terms: Report

India's Zee denied the allegations in a letter to Sony, also reviewed by Reuters, and accused the Japanese company of "bad faith" in calling off the merger

HDFC Bank sees period of consolidation as it absorbs mega merger: Report

The lender's quarterly earnings last week prompted a sharp 15% decline in the stock, even as its profit beat expectations, as analysts raised concerns about lending margins

Before Sony merger collapse, Chandra blamed Sebi for trying to scuttle deal

Days before Sony Group pulled the plug on the USD 10 billion deal, Zee group founder Subhash Chandra had written to Finance Minister Nirmala Sitharaman, blaming Sebi for trying to "scuttle" the merger of its flagship media firm Zee Entertainment Enterprise with the Japanese firm and subsequent investment in the merged entity. Alleging market regulator Sebi is "acting with a predetermined mind", the Zee group patriarch requested the finance minister to take the necessary steps "to safeguard the interest of the minority shareholders of ZEEL". Chandra in his letter dated January 16, seen by PTI, said ZEEL and all other people have been cooperating in the investigation related to the alleged fund diversion by promoters and expressed concern over a new notice issued by the market regulator to former directors of ZEEL. "My concern is the timing of this new notice, and the urgency of the same since it matches with the merger completion timeline of ZEE and Culver Max," he said. The notice

M&As register huge drop in 2023, overall deal values halve to $66 billion

Deal values in India more than halved in 2023 to USD 66 billion despite high growth, as investors took a wait-and-watch approach, a report said on Friday. From a volume perspective, there were 1,641 deals -- a drop of more than 20 per cent over 2022 -- the report by consultancy firm Grant Thornton Bharat said. The firm's partner Shanthi Vijetha said lack of liquidity in international markets, volatile market conditions, and cautious investor sentiment hindered deal activities in 2023. "As India's emphasis on sustainability and environmental responsibility positions it as an attractive hub for opportunities in the global economy, we must first overcome challenges such as currency strength and global instability," Vijetha added. Merger and acquisition deal values dropped 72 per cent to USD 25.2 billion across 494 transactions, impacting the overall number the most, the report said. Outbound M&As were at USD 3.2 billion -- as against USD 17.9 billion in the year-ago period -- were ..

Indian investment bankers earn $1.3 billion in fees, highest since 2000

The equity capital market (ECM) underwriting fees reached $343.5 million, a 68 per cent rise from a year ago. ECM fee includes the fee from IPOs and follow-on offers

M&A activities plunge 51% to $83 bn in 2023 amid funding winter: Report

In line with the global funding winter, deal-making involving domestic firms hit a three-year low after falling 51 per cent to USD 83.8 billion in 2023, saved by the mega-merger of HDFC twins -- the biggest deal in India Inc's history till date, according to an industry report. Excluding the USD 60.4-billion HDFC Bank-HDFC merger, year-on-year deal value comparison would have been down by another 23 per cent, as per LSEG Deals Intelligence, formerly Refinitiv, one of the world's largest providers of financial markets data. The bleak global deal environment translated into fewer mega deals in 2023. As a result, there was only one deal above USD 3 billion in the year -- the HDFC Bank-HDFC USD 60.4 billion deal -- compared to five deals in 2022, Elaine Tan, senior manager at LSEG Deals Intelligence said in a note on Thursday. However, in terms of the volume of deals, it was a minimal 1.7 per cent decline on-year, indicating that a healthier level of mid-market transactions dominated t

Goldman Sachs beats JP Morgan to emerge best provider for merger advice

The bank ended up with a 31% share of the global take for merger advice, edging past JPMorgan Chase & Co., which was in the lead at the year's midpoint, according to data compiled by Bloomberg