Deals Buzz: Meredith agrees to buy Time for $2.8 billion
In other news, Sixth Sense Ventures has possibly struck a pre-IPO deal with Sachin Tendulkar-backed Smaaash Entertainment
Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Temasek, Warburg, CDPQ eye stake in TPG’s Asia Healthcare
Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), Singapore’s sovereign fund Temasek Holdings Pvt. Ltd and American PE fund Warburg Pincus LLC are in talks to buy a minority stake in Asia Healthcare Holdings, a healthcare platform set up by US-based private equity fund TPG Growth, for $80-100 million, reports Mint, citing two people aware of the development. Read more
Edelweiss raises pre-IPO fund of up to Rs1,750 crore
Financial services-focused Edelweiss group has raised its latest alternative investment fund—Edelweiss Crossover Opportunities Fund—a pre-initial public offering (IPO) fund of up to Rs1,750 crore, reports Mint, citing a senior executive of the firm. Read more
Dalmia Bharat submits binding bid for Murli Industries, seeks 80% haircut
Puneet Dalmia-controlled Dalmia Bharat group has submitted a binding offer to acquire Nagpur-based Murli Industries Ltd, which is currently facing bankruptcy proceedings in the National Company Law Tribunal (NCLT), reports Mint, citing two people directly aware of the development on condition of anonymity. Read more
Mahindra Defence, Shapoorji Pallonji may bid for troubled Bharati Defence
Mahindra Defence and Shapoorji Pallonji Group may independently bid for the troubled Bharati Defence and Infrastructure (formerly Bharati Shipyard) in the first such bankruptcy resolution attempt under the Insolvency and Bankruptcy Code for the security industry, reports The Economic Times. Read more
Top 5 steel companies in bankruptcy process face Rs2.09 trillion claims
Five steel companies referred to the bankruptcy courts in the first batch are seeing more than Rs2.09 trillion of claims, with many coming from their group firms that have been suppliers to the defaulters, according to data compiled and reported by ET Now. Read more
Sixth Sense Ventures buys Sachin-backed Smaaash
Domestic consumer-focused venture capital fund Sixth Sense Ventures has possibly struck a pre-IPO deal with Smaaash Entertainment, the country’s largest network of in-city family entertainment centers owned by Shripal Morakhia and cricket legend Sachin Tendulkar, reports The Times of India. Read more
Private equity exit the reason behind Future Supply Chain IPO: Biyani
The upcoming IPO of Future Supply Chain Solutions, which is expected to garner over Rs700 crore, is primarily to give an exit to private equity firm Griffin Partners, Future Group chairman Kishore Biyani told PTI. Read more
India-focused funds continue to see healthy inflows
After sharp outflows in August and September, the Indian market is once again experiencing a positive investment spell from overseas investors. Foreign portfolio investors (FPIs) have poured nearly $3 billion into domestic stocks since August. A large part of these flows have come from India-focused offshore funds. These are actively managed funds that exclusively invest in select Indian securities, unlike exchange-traded funds (ETFs), which track indices such as the Nifty 50 or the S&P BSE Sensex, reports Business Standard. Read more
FPIs infuse $2.6 billion into Indian stocks this month
Foreign investors have pumped over $2.6 billion in the country’s capital markets this month so far, propelled by government’s announcement of recapitalising PSU banks and India faring well in the World Bank’s Ease of Doing Business index, reports PTI. Read more
Insolvency and Bankruptcy Code: Lenders, bidders split on assets valuation
Lenders and prospective bidders are having a serious difference of opinion on the valuation of toxic assets, to be auctioned under the modified insolvency law. While the lenders are insisting that resolution professionals get the enterprise valuation of these companies done to ensure sale negotiations begin from a higher point, the bidders say such firms should be sold at a “scrap" value in accordance with the provisions of the Insolvency and Bankruptcy Code (IBC), reports Business Standard. Read more
Meredith Agrees to Buy Time Inc for $2.8 billion
Meredith Corp. agreed to acquire Time Inc. for $2.8 billion, including debt, swallowing the once-mighty home of Fortune and Sports Illustrated after the internet age wreaked havoc on even the most prestigious magazine titles.
The $18.50-a-share offer is an all-cash one, Meredith said in a statement Sunday, reports Bloomberg. Read more
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!