(Reuters)
(Reuters)

Deals Buzz: Brookfield and Reliance may ink tower deal soon

In other news, buyout firm TPG Capital and Manipal Hospitals are close to completing the acquisition of Dr Naresh Trehan’s Medanta chain of hospitals in one of the largest acquisitions in the Indian healthcare industry

Mumbai: Mint brings you your daily dose of the top deals news, reported from newsrooms across the country.

Bike-hailing firm Rapido in final stages to close $50 million round

Rapido Bikes, a mobile application for booking two-wheeler taxis in over 40 Indian cities, is in final stages of closing a $50 million round led by private equity firm WestBridge Capital, The Economic Times reported. While WestBridge may put in $30 million equity capital, the remaining will be funded by other co-investors at a valuation of about $150-$200 million. The valuation may stretch by another $10 million as there are talks of roping in a second new investor, ET reported. Founded in 2015, the Bengaluru-based mobility startup has earlier got funding from Delhi-based early stage consumer technology fund, AdvantEdge; Mumbai-based investment fund, Astarc Ventures; Hong Kong-based Integrated Capital and global investment manager, Skywatcher Fund, along with a clutch of other angel investors including Pawan Munjal, chairman, managing director and chief executive officer of Hero MotoCorp. Read more

Brookfield, Reliance may ink tower deal in 7-10 days

Global alternative asset management firm, Brookfield Asset Management and Mukesh Ambani-led Reliance Industries Ltd (RIL) may ink the term sheet for the proposed sale of Jio’s telecom towers in the next 7-10 days, The Economic Times reported citing people close to the situation. Even as senior leadership at both parties have agreed on broad commercial terms, the delay is being caused due to documentation, fine-tuning and regulatory approvals, ET quoted a company official. The move would help the telecom major to pare its debt, which according to research firm CLSA, stood at $26 billion. Reliance Jio Infratel Pvt Ltd’s portfolio of 1.7 lakh towers, the largest in the country, is presently valued at 36,000 crore (nearly $5 billion), of which 25,000 crore is to be funded through equity. After completion of the build-out phase, the portfolio’s valuation may go further to $7 billion. Post the diligence process, that will start after the term sheet is signed, a final binding agreement may be signed by early August, according to ET sources. Besides Brookfield, RIL chairman Mukesh Ambani may also invest in Jio’s tower assets in his personal capacity. These assets are likely to generate a 12-13% returns based on the tenancy lease assumptions, in which Jio is the main tenant. Read more

Blackstone buys Aadhar Housing Finance for 2,200 crore

Global investment firm, Blackstone bought 97.7% in Aadhar Housing Finance for 2,200 crore providing an exit to its existing shareholders, Wadhawan Global Capital Limited (WGC) and Dewan Housing Finance Ltd, The Economic Times reported citing a company statement. As part of the deal, the American private equity firm also infused 800 crore primary equity capital into Aadhar to fund the company for future growth. In February, Mint reported citing a senior executive at Blackstone that it will infuse 800 crore as additional equity which will which will double the company’s net worth and reduce its debt-to-equity ratio by nearly half. Read more

TPG Capital-Manipal to buy Medanta hospitals for 5,800-6,000 crore

Buyout firm TPG Capital and Manipal Hospitals gear up to announce their purchase of Dr Naresh Trehan’s Medanta chain of hospitals as soon as next week, in one of the largest acquisitions in the Indian healthcare industry, Mint reported citing two people familiar with the development. The two parties may sign a definitive agreement soon, one of the people mentioned above told Mint. The deal is likely to provide a complete exit to one of Medanta’s existing investor Carlyle. While Carlyle Group holds a 27% stake in Medanta’s parent, Global Health, Temasek holds another 18% stake, which it bought from Punj Lloyd Ltd. in 2015. Trehan, his family and Medanta co-founder Sunil Sachdeva own the rest. Mint reported in February that Manipal was engaged in a three-month exclusivity period with Medanta to conduct due diligence and negotiations. Medanta operates hospitals and clinics across Gurugram, Lucknow, Indore, Ranchi, Kolkata and Sri Ganganagar. Read more

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