Corporate M&A
PDS, Samvad on Monsanto sale to Tierra
“Monsanto is selling its branded cotton seeds business in India to Hyderabad-based Tierra Agrotech, although the US biotechnology major would remain invested in farming segments such as corn seeds, crop protection, vegetables and Bollgard II technologies,” reported the Economic Times.
AZB, SAM on $2bn GIC buy in DLF
“A stake sale by DLF Ltd’s promoters to an affiliate of Singapore’s sovereign wealth fund GIC Pte Ltd will see capital infusion of nearly Rs 13,000 crore into India’s largest property developer,” reported Mint.
ANM, SAM on Tendulkar’s Smaaash acquisition of PVR Thai JV bluO for $13.5m
Smaaash Entertainment, a gaming and entertainment company co-owned by Sachin Tendulkar has entered into a definitive agreement to acquire a 100% stake in bluO entertainment, PVR’s JV with Thailand-based Major Cineplex Group, B, through a cash acquisition deal for Rs 86 crores ($13.46 million), as reported by Livemint.
LKS-breakaway Veyrah with Samvad on ASDA buy of iconic Mumbai restaurant chain Moshe’s
ASDA Media & Entertainment Private Limited (ASDA), an INDASDA Group entity, has acquired a significant stake in Moshe’s Fine Foods Private Limited from South Asia Gastronomy (Mauritius) Enterprises LLC, a food and beverage portfolio company and platform of private equity firm, New Silk Route, as reported by The Economic Times and Deal Street Asia.
DSK, Link Legal on $27m IMC buy of L&T subsidiary
Engineering major, Larsen & Toubro (L&T) has entered into a definitive agreement for the divestment of its entire stake in its unlisted and wholly owned subsidiary L&T Cutting Tools, to IMC International Metalworking Companies BV, owned by the Warren Buffett-led Berkshire Hathaway Inc. for Rs. 174 cr ($27.18 million USD) as reported by Business Standard, Livemint and others
AZB, Trilegal on $65.3m Max India buy in IFC
“International Finance Corp (IFC), the private-sector investment arm of the World Bank, will sell its entire 7.5% stake in Analjit Singh-led Max Group’s healthcare business for Rs 423 crore ($65.3 million),” reported VCCircle.
SAM, AZB, Squire, Skadden on Mars buy of Preferred Brands
“Mars Food, part of Mars Inc said it has signed a definitive agreement to acquire Connecticut-based Preferred Brands International, known for its ready-to-heat Indian and Asian food products sold primarily under brand Tasty Bite,” reported The Hindu Businessline.
Khaitan, SAM on $5.6m Pepe Dollar JV
“Dollar Industries Limited announced an equal joint venture with Pepe Jeans Europe BV. Pepe London would pump in ₹36 crore worth of equity as its contribution over four years,” reported The Hindu.
JSA, CAM on $60m Axis buy of Snapdeal's Freecharge
“Axis Bank Ltd on Thursday announced the acquisition of Snapdeal-owned mobile wallet FreeCharge in a Rs385 crore all-cash deal, strengthening its position in the payments space,” reported Mint.
SAM, CAM, D&D, Slaughter, Latham on $325m GE stake sale in SBI
“Global private equity (PE) firm Carlyle Group has emerged as the front runner for GE Capital Corp’s stake in SBI Card, the credit card joint venture between the US-based company and India’s largest lender State Bank of India (SBI). Carlyle has emerged as the front runner for GE Capital’s stake in SBI Cards for somewhere around $325 million. The board of SBI settled upon the final bidder in a meeting. Carlyle has pipped Warburg Pincus and Credit Saison and emerged as the final bidder though the deal is not closed yet,” reported Mint.
DMD, JSA on Roadzen buy of AXA- Assitance India
Automotive insurtech company Roadzen Inc. has acquired the India operations of assistance services company AXA-Assistance India by acquiring 100% equity stake in AXA Assistance India Private Limited from its sole shareholder Inter Partner Assistance SA in a cross border transaction.
DSK, Trilegal on Global Insurance buy of Aon’s entire 26% stake in Indian insurance broking JV
Indian insurance company Global Insurance Services Brokers Private Limited and its promoters Prabodh Thakker and Sunita Thakker have acquired the entire stake of 26% of Aon Holdings BV in their Indian insurance JV broking company, Aon Global Insurance Brokers Private Limited, for an undisclosed amount, as reported by The Economic Times and The Insurance Insider. Post the acquisition, the name of the company has been changed to Global Insurance Brokers Private Limited.
2017 H1 M&A leagues: Vodea boosts 5 firms but SAM, AZB would have topped anyway, chased by Trilegal, CAM, NDA • Khaitan, Luthra down lower
The Vodafone-Idea mega-merger has gifted five Indian law firms a $10bn+ deal values in the first half of 2017 in league tables, according to data collated by analytics firm mergermarket.
Obhan, ALMT on Byju's buy of TutorVista and Edurite
“Online tutoring firm BYJU’s has announced the acquisition of TutorVista and Edurite from Pearson. It said these acquisitions will help it expand in newer markets as well as create a diverse product portfolio,” reported Your Story.
PDS, DSK on La-Gajjar Machineries stake sale to Kirloskar Oil Engines
Kirloskar Oil Engines Limited, manufacturers of diesel engines, gensets and agricultural pumpsets, have entered into an agreement to acquire a majority stake of 76% in La-Gajjar Machineries Pvt. Ltd., the maker of Varuna and Raindrop brands of electric pumps, as reported by Livemint.
SAM, CAM steer Canadian Intertape’s $25m acquisition of Indian construction textile maker Capstone
Intertape, the Canadian packaging company with executive headquarters in Sarasota County, announced Thursday it is making a “greenfield” investment in Capstone Polyweave Private Limited, which plans to build a $30 million manufacturing facility in Karoli, India. Capstone’s shareholders also own and operate Delhi-based Airtrax Polymers Private Limited, which manufactures and sells woven products that are used in the building and construction industry. Airtrax posted $11 million in revenues for the year ended March 31.
HSA with GC Rachika Sahay on Ostro buy of NTPC’s Rajasthan project
Ostro Energy is in the process of acquiring a 49% stake in a 60 MW NTPC Project in the state of Rajasthan. Suzlon will be responsible for the project commissioning, expectedly by September 2017.
Vaish on $12m Berger buy of Saboo
“Paint manufacturer Berger Paints India Ltd has completed the acquisition of specialty coatings maker Saboo Coatings Pvt. Ltd, it said in a stock-exchange filing on Tuesday. It acquired Saboo Coatings’ shares for Rs 81.77 crore”, reported VCCircle.
Universal Legal, Raksha Kothari on Strides Vivimed JV
“Drug firm Strides Shasun today said it has inked a pact with Vivimed Labs to set up two joint venture firms,” reported PTI.
Majmudar, Veritas act on $20m Japan’s Otsuka pharma buy of Indian JV from Claris Lifesciences
Otsuka Pharmaceutical Factory, Inc, a leading Japanese pharmaceuticals manufacturing company, has announced a proposal to acquire an additional 20% stake from its joint venture partner, Claris Lifesciences Limited for a consideration of about Rs 128.9 crores (US$20 million) in its existing Indian joint venture, Otsuka Pharmaceutical India Private Limited, as reported by Business Standard.