BackDeals Buzz: Intas eyes Teva’s oncology operations in Europe
In other news, Softbank Vision fund invests $2.5 billion in Flipkart, while cab-hailing firm Ola raises over Rs231 crore from Tekne Private Ventures
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Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Govt planning to set up PFC-like financing arm: Nitin Gadkari
The government is considering setting up an independent financial institution to cater exclusively to the roads and highways sector along the lines of Power Finance Corp. Ltd (PFC), minister for road transport, highways and shipping Nitin Gadkari said in an interview to Mint. The proposal is still at the evaluation stage with the ministry, the minister said. Read more
Intas eyes Teva’s oncology operations in Europe
Within a year of buying out Teva’s UK and Ireland assets and breaking into the top 20 generics players club, Intas Pharmaceuticals is on the prowl again for a larger piece of Teva’s existing operations in Europe, reports Economic Times. It is bidding for Teva’s women’s health, oncology and pain management divisions in Europe for $1.5 billion, the reported quoted sources as saying. Read more
TPG focuses on healthcare investments in India
TPG Growth, an early backer of Uber Technologies Inc., has sharpened its focus on the Indian healthcare industry by establishing a new sector-specific platform for its investments, reports Mint, according to two people aware of the development. TPG, formerly Texas Pacific Group, which has more than $73 billion of assets under management, is an active investor in the Indian healthcare sector. Read more
Aster DM re-files IPO papers, cuts offer size
Hospital chain Aster DM Healthcare Ltd has re-filed the prospectus for its planned initial public offering (IPO) with a reduced offer size, reports Mint.
Mint had reported in June that the company, which runs hospitals in India and West Asia, will re-file its draft red herring prospectus (DRHP) given worsening market conditions in certain key geographies such as Saudi Arabia, which in turn had impacted the valuation of the company. Read more
Quess Corp plans to raise Rs1,150 crore through IPP
Business services firm Quess Corp. Ltd, owned by Thomas Cook India, will raise as much as Rs1,150 crore from institutional investors through an institutional placement programme (IPP), it said in a filing to stock exchanges on Thursday, reports Mint. Thomas Cook acquired Quess in February 2013. The firm was earlier known as IKYA Human Capital Solutions. Read more
Ola raises Rs231 crore from Tekne Private Ventures
SoftBank-backed cab-hailing firm Ola (ANI Technologies Ltd) has raised over Rs231 crore from Tekne Private Ventures through issue of preference shares. Ola is locked in an intense fight with US-based Uber Technologies Ltd for market leadership. ANI Technologies Ltd, which runs Ola, is not a publicly-traded company. Read more
NCLT to decide on RCom-Aircel merger on 14 August
The National Company Law Tribunal (NCLT) is set to pronounce its decision on Monday on whether or not to consider the proposal of merger between Reliance Communications Ltd’s wireless business and Aircel, reports Economic Times. The merger of RCom and Aircel has already received approvals from the Securities and Exchange Board of India, Competition Commission of India, BSE and NSE. Read more
Softbank Vision fund invests $2.5 billion in Flipkart
SoftBank, the world’s largest technology investment firm, has bought a fifth of India’s most valuable startup—Flipkart—for a mammoth $2.5 billion, in a deal that marks the biggest private investment in the country’s consumer technology sector. The Japanese investor—best known for backing China’s Alibaba—is now the biggest investor in India’s largest online retail company that is battling US’s Amazon in one of the world’s most competitive markets for e-commerce, reports Economic Times. Read more
Mint had reported that SoftBank Vision Fund has bought stake worth at least $2.6 billion in Flipkart Ltd, in a deal that provides a part exit to some of the e-commerce company’s investors, boosts the ability of India’s largest internet firm to take on arch-rival Amazon India, and gives SoftBank Group Corp. a piece of India’s most valuable start-up. Read more
Tiger Global’s big Flipkart bet starts paying off
By 2015, Tiger Global’s investment in Flipkart had ballooned to $1 billion making it one of the firms’s largest and riskiest bets in e-commerce. In the last 18 months, Tiger Global Management’s Lee Fixel has worked hard to derisk this investment, and in recent months has been active in bringing on board a set of new, deep-pocketed strategic investors to Flipkart, including China’s Tencent and now SoftBank. Read more
Softbank invests $1.1 billion biotech firm Roivant
A biotech company founded by 32-year-old Indian-origin entrepreneur Vivek Ramaswamy has raised $1.1 billion, one of the largest-ever fundings in the life sciences sector. The funding was led by Japanese behemoth SoftBank and other existing investors, reports Economic Times. Read more
Thyssenkrupp won’t be rushed on European steel tie-up with Tata
Thyssenkrupp will not be rushed into any deal with Tata Steel to merge their European steel businesses, its chief financial officer said, pouring cold water on investor hopes for a quick agreement, reports Reuters. The German steel-to-elevators group is facing pressure from investors to deliver on the tie-up, after talks have been going on for over a year. Read More
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