Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Walmart buys Flipkart for $16 billion, shifts battle with Amazon to India
Walmart Inc. has agreed to pay $16 billion for a 77% stake in Flipkart, valuing India’s largest start-up at about $21 billion in what is one of the biggest acquisitions in the country. The deal will give a massive boost to entrepreneurship and the start-up ecosystem in India, which has struggled to provide exits. Read more
Flipkart co-founder and chairman Sachin Bansal will leave the company and sell his 5.5-6% stake in the company. Flipkart’s other founder Binny Bansal will continue as Flipkart group CEO and Kalyan Krishnamurthy will retain his position as Flipkart CEO.
Blackstone, Warburg vie for Max Financial stake
Global private equity (PE) firms Blackstone Group LP and Warburg Pincus Llc. are in separate talks to invest in Max Financial Services Ltd for a minority stake, Mint reports citing sources. Read more
Mint on 13 February reported that Max Life is the front runner for IDBI Federal Life Insurance Co. Ltd, and is looking to pick a majority stake in the firm valued at around Rs6,000 crore.
Edelweiss unit raises Rs2,000 crore fund
Edelweiss Alternative Asset Advisors Ltd, a unit of the Edelweiss group, on Wednesday said it had achieved the targeted base offering size of Rs2,000 crore for its infrastructure sector focused fund—Edelweiss Infrastructure Yield Plus Fund. Read more
CPPIB, Allianz Capital Partners anchor L&T IDPL’s infrastructure investment trust
Canada’s largest pension fund Canada Pension Plan Investment Board (CPPIB) and Allianz Capital Partners (ACP), part of insurance giant Allianz, on Wednesday said that they are acting as anchor investors in the first private infrastructure investment trust in India—IndInfravit Trust, Mint reports. Read more
Analytics start-up ThoughtSpot raises $145 million in Series D round
ThoughtSpot, a start-up which provides search and artificial intelligence-driven analytics for enterprises, Wednesday said it has raised $145 million in a fresh round of funding led by its existing investors including Lightspeed Ventures, Future Fund, Khosla Ventures, and General Catalyst, reports Mint. Read more
Tatas to divest five steel business units in Europe
Tata Steel continues with its divestment efforts of its loss-making European operations. On Tuesday, the $18-billion company said that it has started a process of seeking buyers for five of its business units housed under its European arm, reports The Economic Times. Read more
ReNew Power set to buy 5 renewable power companies
ReNew Power, the largest independent power producer, is set to acquire five companies in the renewable power space—solar and wind—that have a combined capacity of about 680 MW for about Rs6,000 crore, reports ET citing sources. Read more
eBay to sell stake in Flipkart for about $1.1 billion, to relaunch eBay India
Online marketplace eBay has decided to end its strategic partnership with Flipkart and relaunch eBay India with a differentiated offer to focus on cross-border trade, said a company statement on Wednesday. eBay has notified ecommerce player Flipkart and US retail giant Walmart that it intends to sell its holdings in Flipkart, worth around $1.1billion. Read more
Japan’s Recruit to buy Glassdoor for $1.2 billion in overseas push
HR services provider Recruit Holdings Co. has agreed to buy Glassdoor Inc. for $1.2 billion, in a deal that will give the Japanese firm access to the US job-website operator’s vast database of company reviews and salary data, reports Reuters. Read more