BackDeals Buzz: Hike raises $175 million from Tencent, Foxconn
In other news, Hike joins unicorn club, raises $175 million; Vijaya Diagnostic to raise at least Rs300 crore from PE funds
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Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Tata unit to buy engine cooling firm TitanX
Tata AutoComp Systems Ltd, the Tata Group-promoted auto component firm, is set to acquire TitanX, a global engine-cooling supplier, reported Mint. TitanX is a manufacturer and supplier of engine and power-train cooling solutions to commercial vehicle makers with plants across North America, South America, Europe and China with sales of approximately $200 million. TitanX is currently owned by EQT Opportunity and Fouriertransform. The company did not disclose the value of the transaction. The sellers were advised by BDA Partners and Tata AutoComp was advised by Tata Capital Investment Banking. Subject to customary regulatory approvals, the transaction is expected to be completed by the end of 2016, the company said. Read more
Hike in unicorn club as it raises $175 million
Hike Ltd, which runs the messaging app Hike Messenger, on Tuesday said that it has joined the billion-dollar valuation club by raising $175 million largely from Chinese Internet giant Tencent Holdings Ltd and Foxconn Technology Group of Taiwan, reported Mint. According to the company, its latest round pumps up its valuation to $1.4 billion. It has raised $250 million till date. Hike becomes the 10th Indian unicorn—a start-up valued at more than $1 billion—alongside e-commerce marketplaces Flipkart Ltd, Snapdeal (Jasper Infotech Pvt. Ltd) and ShopClues (Clues Network Pvt. Ltd), data analytics outsourcing firm Mu Sigma Inc., mobile advertising technology firm InMobi Technologies Pvt. Ltd, payments company Paytm (One97 Communications Ltd), restaurant search service Zomato Media Pvt. Ltd, cab-hailing start-up Ola (ANI Technologies Pvt. Ltd) and online classifieds company Quikr India Pvt. Ltd. Existing investors Tiger Global, Bharti Enterprises and SoftBank Group also participated in the funding round. Read more
Vijaya Diagnostic to raise ₹ 300 crore from PE funds
Hyderabad-based diagnostic chain Vijaya Diagnostic Centre Pvt. Ltd is looking to raise at least Rs300 crore from private equity (PE) funds, as the company seeks to expand its network of diagnostic centers, reported Mint. The company has hired boutique investment banking firm Veda Corporate Advisors to help them raise funds. The company plans to sell a significant minority stake to PE funds and their plan is to raise at least ₹ 300 crore. The fund-raising plan is at a preliminary stage and the deal size can be larger if the company gets an attractive offer. Read more
Piramal Enterprises acquires contract drug maker Ash Stevens
Piramal Enterprises Ltd on Tuesday said it has bought Ash Stevens Inc., a US-based contract developer and manufacturer of drugs, in an all-cash deal for $43 million (Rs286 crore) as it seeks to expand its Northern American business, reported Mint. In addition, Piramal will pay a so-called earnout capped at $10 million (Rs67 crore)—a payment that depends on the business achieving certain financial goals.The purchase, made by a unit of Piramal in the US, is expected to be completed by August end. Located in Michigan, Ash Stevens has more than 50 years of experience in contract manufacturing, and serves several biotech, mid-size pharma, and large pharmaceutical clients worldwide, a note by Piramal said. Read more
Senvion to buy Kenersys from Bharat Forge founders
Senvion, the German wind turbine maker, partly owned by India’s Arpwood Capital and US buyouts firm Centrebridge Partners has agreed to buy wind turbine inventory and the service operations of Kenersys, a company owned by Pune-based Kalyani Group, enabling it to expand the India presence, reported The Economic Times.Though the companies did not disclose the value of the transaction, sources in the know said Senvion paid ₹ 200-250 crore for the acquisition of assets. The deal will help the German firm, partly controlled by Arpwood, co-founded by ace investment banker Rajeev Gupta and his former colleague and ex-managing director of TPG Capital, Amol Jain, to consolidate its presence in India. Senvion, earlier known as REPower, was part of Suzlon Energy and was acquired by a consortium of Arpwood and Centrepbridge in a $1.1 billion deal in 2015. Read more
Tata Power arm closes $30 million stake sale in OTP Geothermal
Tata Power on Tuesday said its Singapore-based subsidiary, Tata Power International Pte (TPIPL), has completed sale of its 50% stake in OTP Geothermal Pte to KS Orka Renewables (KS Orka) for $30 million. TPIPL, wholly-owned subsidiary of Tata Power, had inked the stake sale agreement with KS Orka in April this year. OTP is a 50:50 joint venture between Origin Energy Ltd and Tata Power International Pte (TPIPL). Company’s other investments in Indonesia include investments in PT Kaltim Prima Coal, PT Arutmin Indonesia and PT Baramulti Suksessarana Tbk. Read more
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