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Business News/ Companies / Deals Buzz: Noble Group to sell oil liquid business to Vitol for $580 million
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Deals Buzz: Noble Group to sell oil liquid business to Vitol for $580 million

In other news, Cisco is nearing a deal to buy US telecommunications software firm BroadSoft Inc for close to $2 billion

Noble said the gross consideration of the sale would be $1.4 billion and after deducting indebtedness of about $836 million, the cash proceeds would be about $580 million. Photo: Hemant Mishra/MintPremium
Noble said the gross consideration of the sale would be $1.4 billion and after deducting indebtedness of about $836 million, the cash proceeds would be about $580 million. Photo: Hemant Mishra/Mint

Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.

Flipkart set to make more acquisitions

Armed with over $4 billion in cash, India’s most valuable internet firm Flipkart Ltd is planning more start-up investments and buyouts as it seeks to widen its slender lead over Amazon India and diversify its business. Flipkart has held talks to invest in food-delivery app Swiggy, services firm UrbanClap, furniture retailer UrbanLadder and some start-ups in insurance and wealth management, reports Mint citing three people familiar with the matter on condition of anonymity. Read more

Finland’s Fortum hires Barclays to sell stake in Indian solar projects

Finland’s state-controlled power utility Fortum OYJ has hired Barclays Bank to sell a stake in its operational solar power projects in India, reports Mint citing two people aware of the development. The move comes at a time when financing at the lowest cost has become key to success given the record low solar and wind power tariffs. Fortum has plans of investing around €400 million in India’s solar sector. Read more

Greenko Group in talks to buy Gati Infra’s hydro-electric project

Greenko Group is exploring the acquisition of Gati Infrastructure Pvt. Ltd’s (GIPL) 110 megawatt (MW) Chuzachen hydro-electric project in east Sikkim, reports Mint citing two people aware of the development. GE Energy Financial Services India has invested Rs257 crore in this project by Gati Ltd, a distribution and supply chain solution provider. GIPL is a special purpose vehicle (SPV) and its holding company is Amrit Jal Ventures Pvt. Ltd (AJVPL). Read more

Avendus Absolute Return Fund raises Rs2,300 crore in six months

The Avendus Absolute Return Fund, a hedge fund launched by Avendus Capital, has raised a corpus of Rs2,300 crore (approximately $370 million) in just over six months since its launch, reports Mint citing two people aware of the development, requesting anonymity. Given the strong inflows that the fund has witnessed, Avendus is now contemplating to temporarily close subscriptions to the fund, according to the people cited above. Read more

BanyanTree Finance joins race for Electrosteel Steels

Private equity firm BanyanTree Finance Pvt. Ltd has joined the race for Electrosteel Steels Ltd which is currently in bankruptcy courts, reports Mint citing two people aware of the development. Mesco is among six bidders for Electrosteel’s assets. Others include Tata Steel Ltd, Dalmia Bharat Ltd, Electrosteel Castings Ltd, Srei Infrastructure Finance Ltd and Edelweiss ARC, the second person cited above said. Read more

Noble Group to sell its oil liquid business to Vitol for $580 million

Noble Group agreed to sell its Americas-focused oil liquids business to Vitol for about $580 million, as part of its strategy to shrink its businesses to cut debt, reports Reuters. Citing sources, Reuters had reported that Vitol, the world’s largest oil trader, was nearing a deal to buy Noble’s oil liquids unit. In a statement on Monday, Noble said the gross consideration of the sale would be $1.4 billion and after deducting indebtedness of about $836 million, the cash proceeds would be about $580 million. Read more

Cisco nearing deal to acquire Broadsoft for $2 billion

Cisco Systems Inc., the world’s largest networking gear manufacturer, is nearing a deal to buy US telecommunications software firm BroadSoft Inc for close to $2 billion, reports Reuters citing a person familiar with the matter. The BroadSoft deal would be Cisco’s second major acquisition this year following the $3.7 billion acquisition of privately-held AppDynamics Inc in March. Read more

JP Morgan partners with data start-up Mosaic Smart data

JPMorgan Chase & Co has partnered with data analytics start-up Mosaic Smart Data to help its fixed-income sales and trading business become more profitable, reports Reuters. The bank, whose fixed-income trading revenue slumped last quarter, has signed a multi-year deal to use Mosaic Smart Data’s technology division globally, the companies said in a joint statement released on Sunday. Read more

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Published: 23 Oct 2017, 11:57 AM IST
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