Mergers and

Acquisition Yearly
Review 2020

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RIL completes acquisition of IMG’s stake Merger of 4 Film Media Units with NFDC

 Reliance Industries Ltd has completed the  The Cabinet has approved the merger of
acquisition of IMG Worldwide LLC's stake in Films Division, Directorate of Film Festivals,
its sports management joint venture IMG National Film Archives of India, and
Reliance Ltd (IMG-R). Children's Film Society with National Film
 IMG-R has become a wholly-owned Development Corporation.
subsidiary of the company.  The merger of them under one corporation
 IMG is a global leader in sports, fashion, will lead to convergence of activities and
events, and media, operating in more than 30 resources and better coordination.
countries, and is a part of the Endeavor  Cabinet also approved the appointment of a
network. Transaction Advisor and Legal Advisor.

Reliance Industries to acquire stake in IMG-R Tilray and Aphria announce merger

 Reliance Industries Ltd (RIL) has entered into  Tilray Inc. and Aphria Inc. have agreed to an
a definitive agreement to acquire 50% shares all-stock merger, which would create the
held by IMG Singapore Pte. Ltd in IMG- world's largest cannabis company by sales.
Reliance Ltd, for a cash consideration not  The merger will result in a company holding
exceeding ₹52.08 crores. a whopping 17% share of the Canadian
 IMG Singapore Pte. Ltd., a wholly-owned cannabis market.
subsidiary of IMG, holds 50% of the share  The combined company is set to operate
capital of IMG-R. under the name 'Tilray' and trade under
 Post completion of the acquisition, IMG-R will Tilray's ticker, 'TLRY' on the Nasdaq index.
become a wholly-owned subsidiary of RIL.
IBM to acquire Norwegian startup Nordcloud
Firstsource Solutions acquires PatientMatters
 IBM announced an agreement to acquire
 Firstsource Solutions has acquired Nordcloud, a European leader in cloud
PatientMatters, a US-based healthcare implementation, application transformation
revenue cycle management solutions and managed services.
provider, for USD 13 million.  Headquartered in Helsinki, Finland with
 Founded in 2012, PatientMatters is offices in 10 European countries, Nordcloud's
headquartered at Orlando, US and serves a mission is to help businesses become
diverse customer base across 24 states of stronger, fitter and more agile with cloud.
the US.
 PatientMatters'' consolidated revenue was Integration of Dena, Vijaya banks completed
USD 17.7 million in 2019 and is estimated to
be USD 17.1 million.

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  Bank of Baroda has completed the  Google has acquired Neverware, a company
integration of 3,898 branches of erstwhile that turns old PCs into Chromebooks.
Vijaya Bank and Dena Bank with itself.  The New York-based firm announced this on
 The bank completed the integration of 1,770 its website, saying Neverware and
erstwhile Dena Bank branches in December CloudReady are now officially part of Google
2020. and the Chrome OS team.
 It had earlier completed the integration of  Neverware owns the software application
2,128 erstwhile Vijaya Bank branches in called CloudReady that allows users to
September 2020. convert a PC into a system that runs Chrome
 The merger process had begun from April OS.
2019.
GoDaddy acquires US-based Poynt
IndiGrid buys FRV's solar projects
 GoDaddy has signed a pact to acquire
 IndiaGrid Trust has entered into an California-based payments processor Poynt
agreement to acquire 100% stakes in FRV in a $365 million deal.
Andhra Pradesh Solar Farm-I Pvt Ltd and  It includes $320 million in cash at closing and
FRV India Solar Park II – Pvt Ltd from FRV $45 million in deferred cash payments
Solar Holdings XI B.V. subject to certain performance and
 IndiGrid, an infrastructure investment trust employment conditions over 3 years.
(InvIT), is making the acquisition at an  The acquisition will help the Internet names
enterprise value of ₹660 crores. and registrations management major to
 The two projects comprise of 50 MW of solar expand commerce services with integrated
assets each. payments.

Wellversed acquires SportFit upGrad acquires recruitment firm Rekrut India

 Cricketer Yuvraj Singh-backed nutrition  upGrad, the online higher learning edtech
company Wellversed has acquired Sportfit, a startup, has acquired recruitment and staffing
fitness coaching company that enables solutions company, Rekrut India.
health outcomes through physical activities  This 100 % acquisition is a first in India where
and diet counselling. an edtech company has acquired a
 Wellversed will continue to scale and recruitment firm.
strengthen its health transformation  This allows upGrad to have complete
programme by incorporating Sportfit’s involvement in the lifecycle of a learner- from
proprietary coaching methodology and education to employment.
technology for diet and fitness coaching.
EA to acquire Codemasters for $1.2 billion
Google acquires Neverware

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  Electronic Arts has agreed to buy out UK  Blackstone will execute the deal in two
developer Codemasters in a move that could tranches, as part of the agreement signed
see the US publishing giant wrest control of between the two parties.
the racing video game genre.  It will first pay $850 million and assume
 The deal is expected to close in the first ownership and management control of
quarter of 2021 for £6.04 (~$7.98) a share, Piramal Glass.
valuing Codemasters at around $1.2 billion.
AT&T to sell Crunchyroll to Sony's Funimation
Reddit acquires Dubsmash
 AT&T announced that it's selling anime
 Reddit has acquired “short-form video social streaming service Crunchyroll to Sony's
platform” Dubsmash. Funimation for an acquisition price of $1.18
 Dubsmash's entire team including the three billion.
co-founders, Suchit Dash, Jonas Druppel  It has 90 million registered users and 3 million
and Tim Specht will join Reddit. paying subscribers.
 About 25% of all Black teens in the US are on  The service started in 2006 as a site for fan-
Dubsmash, and females represent 70% of uploaded, fan-subtitled content, but it has
users. increasingly become a home for officially
 About 30% of users log in every day to create licensed anime, along with games, manga
video content, indicating a high level of and merchandise.
retention and engagement.
Uber sells its self-driving unit to Aurora
Twitter acquires screen-sharing app Squad
 Uber is selling off its autonomous vehicles
 Twitter has acquired the social media app development arm for $4 billion.
Squad that lets people hang out with friends  Self-driving vehicle technology company
via video chat and screen-sharing. Aurora will acquire the employees and
 Alongside live video conversations, Squad technology behind Uber's Advanced
specialised in allowing its users to share their Technologies Group (ATG) in a stock
screens via its mobile or desktop apps. transaction.
 Squad's co-founder and CEO Esther  Uber will also invest $400 million into Aurora,
Crawford will join Twitter to lead a "product in and Uber's CEO Dara Khosrowshahi will join
the conversation space." Aurora's board of directors.

Blackstone set to buy Piramal Glass Edtech Startup Lead School acquires QuizNext

 Blackstone has agreed to acquire Piramal  Mumbai-based edtech startup Lead School
Glass, the glass packaging business of the has acquired student assessment startup
diversified Piramal Group, at an enterprise QuizNext for an undisclosed amount.
value of $1 billion.

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  Founded in 2012 by Mehta and Smita December 2020, or another extended date
Deorah, Lead School offers integrated mutually agreed between them.
curriculum and technology solutions to
affordable private schools. Salesforce to buy Slack for $27.7 billion
 In August 2020, Lead School had raised $28
Mn in Series C funding round led by  Salesforce.com Inc. has agreed to buy Slack
WestBridge Capital. Technologies Inc. for $27.7 billion in cash
and stock.
Everstone Capital to acquire stake in Calibre  The transaction, Salesforce’s largest-ever
acquisition, is expected to close by the end of
 Everstone Capital has signed an agreement July 2021.
to acquire a controlling stake in Calibre.  Stewart Butterfield, Slack’s co-founder and
 Founded in 1984 by Ranjit Bhavnani, Calibre CEO, will continue to run the business as a
is a speciality ingredients maker dealing in Salesforce unit when the deal is completed.
iodine derivatives, persulfates and
perchlorates. Facebook buys Kustomer for $1B
 The company’s customers span the US,
 Facebook has decided to buy Kustomer for
Europe and Asia, which contribute
$1B to expand into customer service tools.
approximately two-thirds to its revenue.
 Kustomer, a startup, was founded to disrupt
the customer services industry with a new
PSL has acquired Wendell Rodricks label
approach to providing agents with better data
and a more unified picture of users by
 Mumbai-based luxury fashion house, Purple
bringing together the many social media.
Style Labs, has acquired the resort wear
 Kustomer was co-founded by CEO Brad
label Wendell Rodricks.
Birnbaum and Jeremy Suriel.
 In 2019 Binny Bansal-backed Purple Style
Labs had acquired multi-brand luxury wear Blackstone buys DCI
marketplace Pernia's Pop Up Shop.
 Wendell Rodricks launched his label in 1989.  Blackstone Group Inc. has acquired
technology-driven credit investing firm DCI,
BoI to acquire 49% stake in subsidiaries which oversees about $7.5 billion in assets.
 DCI will become a part of Blackstone’s $135
 Bank of India will acquire 49% stake each in billion GSO operation, which was recently
BOI AXA Investment Managers Pvt Ltd and rechristened Blackstone Credit.
BOI AXA Trustee Services Pvt Ltd.  The DCI purchase will allow Blackstone
 After the acquisitions, both the entities will Credit to wade deeper into the world of
become Bank of India's fully owned investment-grade bonds.
subsidiaries.
 The transaction, to be done on a cash basis, IRDAI approves Bharti AXA, ICICI Lombard deal
is proposed to be completed by end of

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  IRDAI gave in-principle approval for the its immersive shopping experience
merger of Bharti AXA General with ICICI capabilities for customers.
Lombard.  Flipkart will acquire 100% stake in the
 ICICI Lombard is progressing applications for company and absorb the startup’s team.
receipt of requisite approvals from other  Scapic is a cloud-based platform which
concerned regulators for the transaction. enables creation and publishing of
 Upon closing of the proposed transaction, the Augmented Reality and 3D content, currently
consolidated entity will have a market share serving clients across e-commerce and
of about 8.7 per cent on a pro forma basis in marketing.
the non-life business.
HDFC ERGO General Insurance Completes
upGrad acquires The Gate Academy Merger

 upGrad has made its entry into the test  HDFC ERGO General Insurance (HDFC
preparation market by acquiring The Gate ERGO), announced the completion of the
Academy (TGA). merger of HDFC ERGO Health
 Post the acquisition, TGA will operate as a Insurance with HDFC ERGO.
subsidiary of upGrad and will continue with its  Pursuant to the approval of the merger by
brand name. National Company Law Tribunal and the
 Ritesh Raushan will pursue as the CEO of the receipt of final approval from IRDAI, the
entity to build this business line. merger was given effect to on November 13,
2020.
LVB to become DBS Bank India from Nov 27  Post completion of the merger, HDFC will
hold 50.58% stake in HDFC ERGO.
 Lakshmi Vilas Bank (LVB) will merge into the
Indian arm of Singapore-based DBS Bank on TCS acquires Pramerica Services unit
November 27.
 Union Cabinet approved the merger of LVB  India’s Tata Consultancy Services Ltd.
with DBIL, providing comfort to 20 lakh agreed to acquire Pramerica Technology
customers of the bank which was put under Services from insurance giant Prudential
the moratorium. Financial Inc.
 LVB started under the leadership of V.S.N.  TCS and the Newark, N.J.-based life insurer
Ramalinga Chettiar in 1926. signed the agreement for the Letterkenny,
 LVB has 566 branches and 918 ATMs spread Ireland-based tech-services business.
across 19 States and one Union Territory.  No cash will change hands and TCS will take
on more than 1,500 Pramerica employees.
Flipkart Group acquires gaming startup Scapic
Deutsche Bank to sell IT unit to TCS
 Flipkart Group has acquired augmented
reality (AR) startup Scapic in a bid to enhance

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  Tata Consultancy Services (TCS) Ltd has  Pidilite Industries has signed a definitive
announced the acquisition of Postbank agreement to acquire the US-based
Systems AG, the technology services unit of Huntsman Group's Indian subsidiary for
Frankfurt-based Deutsche Bank AG. ₹2,100 cr.
 TCS will acquire the shares of Postbank  Huntsman operates a 100% subsidiary in
Systems and absorb its 1,500 employees. India, Huntsman Advanced Materials
 Postbank Systems provides project Solutions.
management, application management and  It directly competes with Fevicol, as it
infrastructure support services to Deutsche manufactures and sells adhesives, sealants
Bank. and other products under brands such as
Araldite, Araldite Karpenter and Araseal in
Flipkart acquires Mech Mocha the country.

 Flipkart has acquired the intellectual property Tech Mahindra acquires Momenton and Tenzing
from mobile gaming startup Mech Mocha.
 Mech Mocha’s gaming team will also join  Tech Mahindra has acquired 100% equity in
Flipkart, as the latter aims to focus on two companies—Momenton, a digital
developing new and innovative formats to enterprise technology firm and Tenzing Ltd, a
engage with users on its GameZone technology consulting firm.
platform.  Both organizations are expected to help Tech
 Flipkart had also invested in Bengaluru- Mahindra enable digital capabilities, modern
based Mech Mocha’s $1 million seed funding cloud-based architecture and transformation
round in 2015. for customers in the Australia and New
Zealand region in financial services and other
Manipal Hospitals to acquire Columbia Hospital sectors.

 Manipal Hospitals has entered into a Motherson acquires assets of Bombardier

definitive agreement to acquire Columbia
Asia Hospitals in India.  Motherson Sumi Systems Ltd has acquired
 The acquisition will be for Rs 2,100 cr. the electrical wiring interconnection systems
 The company intends to acquire 100 per cent business of Bombardier Transportation in
stake in Columbia Asia Hospitals Pvt Ltd Mexico.
(Columbia Asia).  The acquisition is expected to strengthen
 The transfer of ownership to Manipal Motherson’s rolling stock component
Hospitals is expected to be completed post manufacturing business in the railway sector
regulatory approvals. in the American continent.
 In 2019, it had acquired Bombardier’s rolling
Pidilite to acquire Huntsman Group stock electrical component and systems
business in the UK.

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Wipro to acquire Eximius Design  India’s largest private port operator Adani
Ports and Special Economic Zone Ltd
 Wipro will acquire engineering services (APSEZ) has completed the acquisition of
company Eximius Design for $80 million Krishnapatnam Port Co Ltd (KPCL) for an
(about ₹586.3 crore). enterprise value of ₹12,000 crores.
 This acquisition will help Wipro to expand into  This will result in APSEZ having a 75%
newer market segments and elevate the controlling stake in KPCL.
customer's journey in next-generation  On 3 January 2020, APSEZ had signed a
technologies. deal to buy the port for an enterprise value of
 Eximius Design has around 1,100 employees ₹13,752 crores.
and had registered consolidated revenues of
$35.2 million in 2019. Adani Green Energy completes an acquisition

Infosys to acquire US-based Blue Acorn iCi  Adani Green Energy has completed the
acquisition of 205 megawatts (MW) operating
 Infosys Ltd has announced a definitive solar energy assets from Essel Green Energy
agreement to acquire US-based Blue Acorn and Essel Infraprojects.
iCi, for up to $125 million.  The assets are located in Punjab, Karnataka
 Blue Acorn is the provider of digital customer and Uttar Pradesh.
experience, commerce, and analytics  All the assets have long-term power
solutions. purchase agreements (PPAs) with various
 Blue Acorn iCi, which follows the calendar state electricity distribution companies.
year, clocked $43.6 million revenue in 2019.
 The acquisition is expected to close during General Atlantic to invest in Reliance
the third quarter of 2021.
 General Atlantic, a leading global growth
Infosys completes acquisition of GuideVision equity firm has decided to invest ₹3,675
crores into Reliance Retail Ventures Ltd
 Infosys has completed the acquisition of (RRVL), a subsidiary of Reliance Industries.
Czech Republic-based GuideVision.  This investment values Reliance Retail at a
 GuideVision is an enterprise service pre-money equity value of ₹4.285 lakh crore.
management consultancy specialised in  General Atlantic’s investment will translate
offering strategic advisory, consulting, into a 0.84% equity stake in RRVL on a fully
implementations, training and support on the diluted basis.
ServiceNow platform.
 Through the acquisition, Infosys further CCI approves acquisition of Medlife
enhances its digital capabilities, strengthens
Infosys Cobalt portfolio of cloud services.  The Competition Commission of India (CCI)
has approved the proposed combination of
Krishnapatnam port acquisition complete Medlife and API Holdings.

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  The deal pertains to the proposed acquisition  The acquisition will help the company to
of 100% equity shares of Medlife by API strengthen its content ecosystem, improve
Holdings. creator network and help provide better
 Medlife shareholders are to get up to 19.59 advertising solutions for brands.
per cent equity share capital of API Holdings.  HPF Films currently produces content,
 Medlife is a healthcare company primarily including web series, digital advertisements,
engaged in the wholesale and distribution of short films and documentaries.
drugs.
Nvidia to buy Arm Holdings from SoftBank
KKR picks up 1.28 pc stake in Reliance Retail
 Chipmaker Nvidia has agreed to buy Arm
 US private equity firm KKR & Co will invest Holdings, a designer of chips for mobile
Rs 5,550 crore to buy a 1.28% stake in phones, from SoftBank in a deal worth $40
Reliance Industries Ltd's retail arm. billion.
 The Mukesh Ambani-run conglomerate  The deal will include $21.5 billion in Nvidia
extends fundraising spree that has already stock and $12 billion in cash, including $2
netted more than USD 20 billion. billion payable at signing.
 The investment values Reliance Retail, which  SoftBank acquired Arm in 2016 for $31.4
runs grocery stores and fashion chains, at a billion in 2016 in one of its largest acquisitions
pre-money equity value of Rs 4.21 lakh crore. ever.

Microsoft acquires ZeniMax Infosys to acquire Europe-based GuideVision

 Microsoft has announced the $7.5 billion  Infosys Ltd has entered into a definitive
acquisition of a video game company agreement to acquire Europe-based
ZeniMax. GuideVision for up to $35 million.
 By buying the game maker ZeniMax Media,  It will augment its Cobalt portfolio of cloud
the parent company of gaming studios like services and further strengthen near-shore
Bethesda, Microsoft gained control of major delivery presence in the European region.
gaming titles like The Elder Scrolls, Fallout,  Infosys launched Cobalt in August 2020.
Doom, Quake and Wolfenstein.  The acquisition of GuideVision is expected to
 The deal represents a shift in focus for close during the third quarter of fiscal 2021.
Microsoft, which is mainly a business
technology company. Norway’s Orkla buys spice maker Eastern

ShareChat acquires HPF Films  Norway’s packaged consumer goods firm

Orkla will purchase a 67.8% stake in Kerala-
 Twitter backed social media platform, based spice maker Eastern Condiments Pvt.
ShareChat, has acquired video production Ltd.
company Hera Pheri Films (HPF Films).

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  It will merge it with its existing MTR Foods  10th Magnitude is a cloud specialist firm
business to create a larger enterprise focused exclusively on the Microsoft Azure
comprising ready-to-eat mixes and spices. cloud computing platform.
 Orkla, which forayed into the Indian market  On the conclusion of the deal, 10th
through the 2007 takeover of MTR, said the Magnitude’s Azure experts will join Cognizant
deal will double its sales from India. as part of the Microsoft Business Group.
 The transaction is expected to close in the
IL&FS gets NCLT approval 3rd quarter.

 The National Company Law Tribunal (NCLT) Bharti Infratel to merge with Indus Towers
has approved the sale of education assets of
debt-ridden IL&FS to Lexington Equity  The Bharti Infratel board has approved the
Holdings Ltd (LEHL). long-pending merger with Indus Towers Ltd,
 A two-member Mumbai bench of the NCLT first announced in April 2018, to create the
approved the sale of IL&FS's 73.69 per cent world’s largest mobile tower operator outside
stake in Schoolnet India to Falafal China.
Technology Pvt Ltd.  The deal will allow cash-starved Vodafone
 Falafal Technology is a step-down subsidiary Idea Ltd to divest 11.15% stake in Indus
of LEHL, which already owns 26.13 per cent Towers for ₹4,000 cr.
stake in Schoolnet.  With the merger, Vodafone will own 28.2%
stake, while Bharti Infratel will hold 68.6% in
IndiGrid acquires GPTL Transmission project Indus Towers.

 India Grid Trust (IndiGrid) has completed the Cyient to acquire Australian firm IG Partners
acquisition of another transmission asset
Gurgaon Palwal Transmission Ltd (GPTL)  Cyient, an engineering and digital technology
from Sterlite Power at an enterprise value of solutions firm, will acquire IG Partners, an
Rs 1,080 crore. Australian consulting firm.
 With this acquisition, IndiGrid's assets under  The acquisition will help strengthen its digital
management have increased by 9 per cent to capabilities in the energy and mining sectors.
Rs 13,300 crore.  Cyient has a growing presence in Australia,
 Its asset portfolio will now consist of 10 power providing solutions to the mining, oil and gas,
transmission projects. rail, telecom, and utility industries.

Cognizant to acquire 10th Magnitude Flipkart founder to buy Future Generali

 Cognizant Technology Solutions Corp has  Flipkart co-founder Sachin Bansal-led Navi
entered an agreement to acquire Chicago- Technologies Pvt. Ltd will buy Kishore
based 10th Magnitude. Biyani’s Future Group’s life insurance JV arm
Future Generali India Life Insurance Co. Ltd.

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  The deal values the insurance firm at ₹1,400- tier-III cities, with presence in UP, Rajasthan,
1,500 cr. and Kerala right now.
 Future Generali Life is a 3-way joint venture,  The app will be allowed to function
in which Future Group holds a total of independently, though its existing 15-
57.62%, Industrial Investment Trust Ltd. member team will join ShareChat’s team.
holds 16.88% and Generali holds 25.5%.
Acquisition of C&S Electric by Siemens
PAG to pick up 51% stake Edelweiss
 Competition Commission of India (CCI) has
 Private equity investor PAG will make a approved the proposed acquisition of C&S
₹2,200 crore investment in Edelweiss Wealth Electric by Siemens.
Management (EWM) to pick up a 51% stake  As per a statement issued by Siemens in
in the wealth management business of January 2020, it had inked an agreement to
Edelweiss group. acquire 99% equity in New Delhi-based C&S
 This partnership will result in unlocking value Electric for around Rs 2,100 crore.
for shareholders and accelerating business  Siemens will acquire Indian operations of
growth. C&S Electric's low-voltage switchgear
 PAG will become the majority owner of EWM, components and panels, among others.
which is a part of Edelweiss Global
Investment Advisors. ICICI Lombard Insurance to acquire Bharti AXA

Acquisition by Lightstone Fund S.A. approved  ICICI Lombard General Insurance has
entered into a definitive agreement to acquire
 The Competition Commission of India (CCI) Bharti Enterprises-promoted Bharti AXA
has approved the acquisition by Lightstone General Insurance in all-stock transaction.
Fund S.A., for and on behalf of Lightstone  Bharti Enterprises currently owns 51 per cent
Global Fund (LGT) of certain equity stakes in stake in Bharti AXA General Insurance, while
91Streets Media Technologies Pvt. Ltd., French insurer AXA has 49 per cent.
Ascent Health and Wellness Solutions Pvt.  Post demerger, both Bharti Enterprises and
Ltd., etc. AXA will exit the non-life business.
 Lightstone Fund S.A. is structured as a
reserved alternative investment fund and was Reliance Retail acquires stake in Netmeds
established as an umbrella fund structure.
 Reliance Industries (RIL) has announced the
ShareChat acquires Circle Internet acquisition of a majority equity stake in online
pharmacy delivery startup Netmeds.
 ShareChat has acquired hyperlocal  It has been done for a cash consideration of
information platform Circle Internet. approximately Rs 620 crore.
 Circle Internet provides local information to  This investment represents 100 per cent
Indian language internet users in tier-II and direct equity ownership of its subsidiaries -

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 Tresara Health Private Limited, Netmeds face value of ₹2 each at a price of ₹8.56/- per
Market Place Limited and Dadha Pharma equity share.
Distribution Pvt. Limited.
LIC acquired 4.23% Stake of YES Bank
Sanofi to buy Principia Biopharma for $3.7 bn
 LIC has acquired close to 5 per cent
 French healthcare company Sanofi has shareholding in Yes bank by purchasing
agreed to buy U.S. company Principia shares from the open market.
Biopharma for around $3.7 billion.  With the fresh acquisition, the hold of LIC has
 This will strengthen Sanofi's presence in increased from 0.75 per cent to 4.98 per cent.
research and development (R&D) areas.  LIC purchased 105.98 crore shares,
 Sanofi would buy all of the outstanding reflecting 4.23 per cent stake, of the bank
shares of Principia for $100 per share in from the open market.
cash, representing an aggregate equity value  Prior to this, LIC had 0.75 per cent stake in
of approximately $3.68 billion on a fully Yes Bank though 19 crore shares held.
diluted basis.
Beauty brand MyGlamm acquires POPxo
VECV acquires Volvo India’s bus business
 Beauty products retailer MyGlamm has
 Volvo Eicher Commercial Vehicles Ltd acquired women-centric digital platform
(VECV), a subsidiary of Eicher Motors Ltd, POPxo, to expand into the online content
acquired Volvo Bus India, a division of Volvo space.
Group India Pvt. Ltd, for ₹100.5 crores.  Post-acquisition, POPxo's existing investors
 The company was engaged in the business Chiratae Ventures, Kalaari Capital, and
of production and sale of buses and coaches Neoplux Venture Capital will join MyGlamm's
in India. existing investors.
 The transaction comprises of the proposed  Priyanka Gill, founder and CEO, POPxo will
acquisition of the bus business as a going join the board of MyGlamm and will be
concern on slump sale basis. designated as the co-founder.

Tube Investments to acquire stake in CG Power ITC acquires Sunrise Foods

 Murugappa Group led Tube Investments of  ITC Ltd has announced the acquisition of
India Limited has agreed to invest ₹700 spices manufacturer Sunrise Foods Private
crores in fraud-hit CG Power and Industrial Ltd (SFPL) in an all-cash deal valued at Rs
Solutions Limited for 56% stake. 2,150 crore.
 The two companies have reached a  According to the company, it has acquired
securities subscription agreement (SSA). shares of SFPL at an “upfront consideration
 It gives Tube Investments of India Limited of Rs 2,150 crores on a cash-free, debt-free
control over 64.25 billion equity shares of the basis”.

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  In addition, the sellers are entitled to  The acqui-hire will help SpiceJet strengthen
contingent consideration of an amount not its e-commerce platforms.
exceeding Rs 150 crore.
CCI approved Aceso's acquisition
Flipkart Group acquires Walmart India
 The Competition Commission has given its
 Flipkart Group has announced the acquisition nod to Aceso Company Pte Ltd's acquisition
of 100% interest in Walmart India Pvt Ltd. of 58.92 per cent stake in HealthCare Global
 Walmart operates the Best Price cash-and- Enterprises Ltd.
carry business to leverage its wholesale  The proposed transaction involves
capabilities for enabling the growth of investment by Aceso by way of subscription
'kiranas' and MSMEs. to equity shares and warrants representing
 Flipkart Wholesale will launch its operations the right to subscribe to the equity shares of
in August 2020 and pilot services for the HealthCare Global.
grocery and fashion categories.
L&T Tech to acquire stake in Orchestra Tech
CCI approved Krishnapatnam port acquisition
 IT company L&T Technology Services will
 The Competition Commission of India has acquire 100 per cent stake in Texas-based
approved the acquisition of Krishnapatnam Orchestra Technology.
Port Company Limited by Adani Ports and  Orchestra Technology provides engineering
Special Economic Zone Limited. services and solutions for telecom network
 The proposed combination envisages management.
acquisition of equity shareholding along with  L&T Technology Services will acquire the
management control of Krishnapatnam Port stake in all-cash deal of $25 million, or about
Company Limited by Adani Ports and Special Rs 187 crore, in two tranches of $11 million
Economic Zone Limited. (Rs 82.6 crore) and $14 million (Rs 105
crore).
SpiceJet acqui-hired Travenues
Uber to buy Postmates in $2.65 billion deal
 SpiceJet has aqui-hired the team and
technology platform of airline technology  Uber Technologies Inc has agreed on a deal
company Travenues. to buy food-delivery app Postmates Inc in a
 Travenue is a wholly-owned subsidiary of $2.65 billion all-stock agreement.
online travel aggregator ixigo.  Postmates had revived plans for an initial
 Travenues had signed its first technology public offering following dealmaking in the
partnership with SpiceJet in 2019 for digital U.S. online food delivery service sector that
transformation of its consumer-facing sparked acquisition interest in the company.
experiences.

13
  Founded in 2011, Postmates accounted for  The deal is subject to US court approval and
8% of the U.S. meal delivery market in May regulatory clearances.
2020.
Carlyle to buy 25% stake in Bharti Airtel
Paytm to acquire Raheja QBE General Insurance
 Carlyle Group will buy a 25% stake in Bharti
 Paytm, owned by One 97 Communications Airtel's data centre business for $235 million.
Ltd. along with its founder Vijay Shekhar  It will make the investment in Bharti Airtel's
Sharma, is set to acquire private sector Nxtra Data at a valuation of $1.2 billion.
general insurer Raheja QBE.  Bharti Airtel will continue to hold the
 Raheja QBE is owned 51% by Prism remaining 75 percent holding in Nxtra Data.
Johnson and 49% by QBE Australia. Paytm  Carlyle will make the investment through an
is set to acquire both stakes and would own entity called Comfort Investments II.
100% of the company.
 All employees of Raheja QBE would continue KKR to acquire 54% stake in JB Chemicals
working at Mumbai and other locations.
 Global investment firm KKR has entered into
Adani signed pact with Kalpataru a definitive agreement to purchase a
controlling stake in JB Chemicals &
Pharmaceuticals.
 Adani Transmission Ltd (ATL) has signed
definitive agreements with Kalpataru Power  As part of the agreement, KKR will acquire its
Transmission Ltd (KPTL) for acquiring stake from the founding Mody family at a
Alipurduar Transmission Ltd. purchase price of Rs 745 per share and make
an open offer for an additional 26% stake in
 The enterprise value for the project is ₹1,286
the company.
crore.
 The share purchase agreement has been
 The acquisition is expected to be completed
struck for acquiring 54% stake.
in a few months after all necessary regulatory
approvals and other consents.
HUL completed acquisition of VWash
Bharti Enterprises, UK govt to acquire OneWeb
 Hindustan Unilever Limited (HUL) has
announced that it has completed the
 Sunil Mittal's Bharti Enterprises, along with
acquisition of intimate hygiene brand VWash
the UK government, will acquire the bankrupt
from Glenmark Pharmaceuticals Ltd.
internet satellite startup OneWeb for $1
billion.  It has acquired the intellectual property rights
including trademarks, design, and knowhow
 Under the deal, Britain will invest $500 million
related to the VWash brand worldwide.
and take a "significant equity share", while
Bharti will invest the same and provide  VWash was launched by Glenmark in 2013.
"commercial and operational leadership".
CCI approved an acquisition

14
  The Competition Commission of India (CCI)  Piramal Enterprises Ltd's Pharma Solutions
has approved acquisition of 9.99% stake in business has entered into an agreement with
Jio Platforms by Jaadhu Holdings LLC. G&W Laboratories Inc.
 Jaadhu is an indirect wholly-owned  It will acquire G&W's solid oral dosage drug
subsidiary of Facebook. product manufacturing facility located in
 It is a newly incorporated company formed in Pennsylvania, USA, for $17.5 million.
March 2020 under the laws of the State of  Piramal Enterprises would acquire at closing
Delaware in United States. a 100% stake in the entity that operates the
 Jio Platforms is a subsidiary of Reliance India facility and owns the related real estate.
Limited.
CCI approved acquisition of Metso Oyj
Mastercard to buy Fincity
 The Competition Commission of India (CCI)
 Mastercard is buying another fintech, Finicity has approved the acquisition of Metso Oyj’s
in a transaction valued at nearly $1 billion. (Metso) minerals business by Outotec Oyj
 Its acquisition of Finicity will strengthen its (Outotec) under Section 31(1) of the
open-banking platform, giving consumers Competition Act, 2002.
more control of their financial data.  Outotec is a public limited liability company
 Open banking allows fintech apps to provide incorporated and registered under the laws of
services using a consumer’s existing Finland.
financial and banking credentials.  Metso is also a public limited liability
company, incorporated and registered under
Adani Power to acquire stake in Odisha Power the laws of Finland.

 Adani Power will acquire The AES Facebook acquired Mapillary

Corporation's 49% equity stake in Odisha
Power Generation Corporation for USD 135  Facebook Inc has acquired Swedish
million. mapping technology company Mapillary.
 Adani Power Ltd (APL) has signed a  Mapillary collects images from tens of
definitive agreement to acquire stake in thousands of contributors to build immersive
Odisha Power Generation Corporation and up-to-date maps.
(OPGC) from the affiliates of The AES  The company's technology would be used to
Corporation. power products like Facebook Marketplace
 The OPGC operates 1,740 MW thermal and supply data to humanitarian
power plant at Banharpalli in Jharsuguda organizations.
district, Odisha.
Acquisition by MacRitchie in API
Piramal Pharma Solutions to acquire G&W Labs
 The Competition Commission has approved
the acquisition of certain stakes in 91Streets

15
 Media Technologies, Ascent Health and Peugeot S.A and Fiat Chrysler Automobiles
Wellness Solutions, and API Holdings by N.V.
MacRitchie Investments.  The merged entity would be the fourth largest
 It would provide an opportunity for original equipment manufacturer by volume
MacRitchie to invest and participate in the and the third-largest by revenue.
long-term growth of the market for wholesale  FCA is a global automotive group engaged in
sale and distribution of drugs in India. designing, manufacturing, distributing and
selling vehicles, components and production
Cipla to acquire 21.85% stake in GoApptiv systems.

 Pharma major Cipla has announced it will Tata Power acquired 51% stake in TPCODL
acquire 21.85% stake in GoApptiv on a fully-
diluted basis for ₹9 crores.  Shares of Tata Power on 2 June 2020 rose
 In the first stage, it will invest ₹5.80 crore and 7% after the company has completed the
₹3.20 crore in the second stage. acquisition of 51% stake in TP Central
 The entire transaction is expected to close by Odisha Distribution Ltd for Rs 178.5 cr.
October 31, 2020.  TP Central Odisha Distribution Ltd
 GoApptiv offers digital solutions for (TPCODL) carries out the business of Central
integrated brand sales management and Electricity Supply Utility of Odisha (CESU).
digital marketing.  The acquisition paves the way for taking over
the power supply business of 5 cities in
Facebook to acquire 9.9% stake in Jio Odisha by Tata Power.

 Facebook will acquire 9.9% stake in Jio AGC Networks to acquire Fujisoft
Platforms announced in May 2020, via a new
entity -- Jaadhu Holdings LLC, as per  AGC Networks Limited will acquire Fujisoft
regulatory documents. (along with its associated companies in UAE)
 In April 2020, Facebook had announced an through its indirect subsidiary - Black Box
investment of $ 5.7 billion (Rs 43,574 cr) in Holdings Ltd.
Jio Platforms.  The move that will strengthen AGC's
 According to a submission made to the presence and offerings in the Middle East
Competition Commission of India, Jaadhu and Africa (MEA) region.
Holdings, LLC is an indirect wholly-owned  The proposed acquisition will also enhance
subsidiary of Facebook, Inc. the current solution portfolio of AGC and
Black Box across cloud computing, cyber
Peugeot and Fiat Chrysler to merge security, etc.

 The Competition Commission has approved Yes Bank acquired 24.19% stake in Dish TV
the proposed merger between auto majors

16
  Yes Bank Ltd has acquired a 24.19% stake in  Tata Power's arm Tata Power International
direct-to-home service provider, Dish TV Pte Ltd (TPIPL) has acquired 10% stake in
India Ltd. Adjaristsqali Netherlands BV (ABV) from the
 This is the fifth instance in the past one year International Finance Corporation (IFC) for
that Yes Bank has acquired majority stake in USD 150,000 (about Rs 1.13 crore).
a non-banking businesses.  The 10 per cent stake acquisition has
 On 26 July 2019, Yes Bank had acquired increased TPIPL's shareholding in ABV to 50
32.75 million shares, or 18.55%, of Cox & per cent.
Kings Ltd, and 34,080 shares amounting to  This acquisition has been done as per the
30% of Ezeego One Travel & Tours Ltd. provisions of the shareholder agreement.

Ola Electric acquired Etergo Emami Cement acquisition by Nirma arm

approved
 Ola Electric Mobility has acquired
Amsterdam-based electric scooter-maker  The acquisition of Emami Cement Ltd by
Etergo. Nuvoco Vistas Corp Ltd (part of the Nirma
 The company would leverage Etergo’s group) has been approved.
design and engineering capabilities to build  Emami had entered into a binding agreement
its smart electric two-wheeler for international on 6 February 2020 with Nuvoco Vistas for
and Indian markets. the divestment of its 100% equity stake in
 Etergo was founded in 2014 and has Emami Cement Ltd for an enterprise value of
developed an all-electric state-of-the-art ₹5,500 crore.
AppScooter that has won multiple awards for  The sale of the cement business is part of
its innovative design and engineering. Emami group’s plan to become debt-free.

RITES to acquire 24% stake in IRSDC GCPL acquired 25% stake in Canon Chemicals

 RITES Ltd has signed an agreement to buy  Godrej Consumer Products Ltd (GCPL) has
24% stake in Indian Railway Station announced the acquisition of the balance
Development Corp. Ltd, (IRSDC), the 25% stake in Kenya-based Canon Chemicals
company tasked with redeveloping railway Ltd for an undisclosed sum.
stations across India.  Through this transaction, Canon Chemicals
 RITES has also resumed operations at most would now be a wholly-owned subsidiary of
of its offices and project sites after the the company.
government eased lockdown rules.  The acquisition was made through its step
 It has achieved more than half of its capacity down firm Godrej East Africa Holdings Ltd.
and will scale up its activities going forward.
Accenture acquired Byte Prophecy
TPIPL acquired 10% equity in ABV

17
  Accenture has acquired Byte Prophecy, an  The Carlyle Group has agreed to acquire
automated insights and big data analytics 74% stake in SeQuent Scientific Limited, the
company based in Ahmedabad. largest pure-play animal healthcare company
 The acquisition has been made to meet the in India, for $210 million (Rs.1587 crore).
growing demand for enterprise-scale artificial  Carlyle will buy shares at a price of Rs.86
intelligence (AI) and digital analytics solutions apiece.
across the region.  It will buy 56.15% (94 million shares) stake
 The acquisition strategy involves delivering held by promoters including founders Arun
on existing, as well as emerging client needs Kumar and KR Ravishankar.
with speed and scale.
Zoom acquired security startup Keybase
Facebook acquired Giphy
 Video meet app Zoom has announced the
 Facebook has acquired Giphy— a popular acquisition of secure messaging and file-
website for making and sharing animated sharing service Keybase.
images or GIFs.  This is a part of its 90-day pledge to address
 Giphy will now work as part of the Instagram privacy and security issues with its own
team. platform.
 Its GIF library will be integrated with the  The acquisition, for which financial terms
photo-sharing application as well as with were not disclosed, is aimed at eventually
Facebook’s other apps. building end-to-end encryption on Zoom.
 Giphy was founded by Alex Chung and Jace
Coke in February 2013 as a website meant to InSemiTech acquired Ambit Semiconductors
serve as a search engine for GIFs.
 InSemiTech has acquired two leading
Apple bought NextVR for $100 million engineering services companies, Ambit
Semiconductors Pvt. Ltd. and Semtosys Pvt
 Apple has acquired virtual reality startup Ltd.
NextVR for $100 million.  These acquisitions reinforce InSemiTech's
 This will be the third acquisition by Apple in technology expertise and market leadership
2020. in a rapidly consolidating semiconductor and
 It had bought voice technology startup Voysis embedded space.
and weather app Dark Sky earlier in 2020.  Founder and CEO of Ambit Semiconductors,
 NextVR's acquisition will help Apple's own Mr. J Saseendra would join InSemiTech
development of VR and AR headsets. leadership team.
 NextVR already supplies content to several
existing VR headsets from Facebook, Sony, Intel buys Israeli startup Moovit for $900 mn
Oculus and Lenovo.
 Intel has purchased Israeli urban mobility
74% stake of SeQuent bought by Carlyle startup Moovit for $900 million.

18
  Intel Corp paid $15 billion in 2017 for shareholding in Intas Pharmaceuticals
Mobileye, an Israeli company at the forefront Limited by Canary Investments Limited and
of autonomous vehicle technology. Link Investment Trust II.
 Moovit will join the Mobileye team,  It has been approved under Section 31(1) of
accelerating its ability to truly revolutionize the Competition Act, 2002.
transportation.  Canary is an investment company registered
 Moovit has more than 800 million users and in Mauritius.
services in 3,100 cities across 102 countries.  Link II is a private trust created and registered
under the laws of India.
KPTL sold stake to CLP India Pvt Ltd
Tiger Midco LLC to acquire shares of Tech Data
 Kalpataru Power Transmission Limited
(KPTL) has successfully completed sale of its
 Competition Commission of India (CCI) has
entire stake in Kalpataru Satpura Transco
approved the proposed acquisition of 100%
Private Limited (KSTPL) to CLP India Private
shares and control of Tech Data Corporation
Limited.
by Tiger Midco LLC.
 CLP India is owned by CLP Group and
 Tiger Midco is a special purpose vehicle set
Caisse de dpt et placement du Qubec
up and managed by investment funds
(CDPQ).
managed by affiliates of Apollo Management,
 In July 2019, KPTL had entered into binding
L.P.
agreements with CLP India to sell its stake in
 Tech Data is active globally in the wholesale
three power transmission assets.
distribution of technology products and
solutions to resellers.
Manulife picked 49% stake in Mahindra AMC
RIL raises stake in US-based SkyTran to 26.3%
 Manulife has acquired 49 per cent stake
in Mahindra Finance's wholly-owned
 Reliance Industries Ltd (RIL) has increased
subsidiary Mahindra Asset Management
its stake in US-based SkyTran Inc, a venture-
Company.
funded technology company that develops
 Under the agreement, Manulife has invested
pod car transport systems.
$35 million or Rs 265 crore to pick up 49 per
 RIL has raised its holding in SkyTran to
cent stake in Mahindra AMC.
26.31% from 17.37% on a fully-diluted basis.
 Manulife Investment Management
 In Nov 2019, RIL had raised its stake to
(Singapore) Pte. Ltd, has bought 49% stake
17.37% in SkyTran through its subsidiary,
in the joint venture where Mahindra Finance
Reliance Strategic Business Ventures Ltd.
will now own the balance 51 per cent.

Axis Bank to acquire stake in Max Life

CCI approved an acquisition

 The board of Axis Bank has approved the

 Competition Commission of India (CCI) has
purchase of an additional 29% stake in Max
approved the acquisition of less than 5%

19
 Life Insurance which will take the private up to 4% in the equity capital of IDBI Federal
lender's total stake in the insurer to 30%. Life Insurance Co Ltd (IFLIC) from the IDBI
 Max Financial Services presently holds a Bank.
72.5% stake in Max Life and Mitsui Sumitomo  Federal Bank currently holds a 26% stake in
Insurance (MSI) owns 25.5% stake. the insurance company.
 Axis Bank is the 3rd-largest private bank and  The move follows IDBI Bank's plans to sell
Max Life is the 4th-largest private life insurer between 23-27% in the life insurance
in India. company.
 IDBI Bank owns a 48% stake in the company.
HDFC to acquire stake in Reliance Capital
Facebook buys 9.99% stake in Reliance Jio
 HDFC has acquired 6.43% stake in debt-
trapped Reliance Capital by invoking pledged  Facebook will invest Rs 43,574 crore in Jio
shares. Platforms, a unit of Reliance Industries Ltd
 Following this, the company acquired 252.7 (RIL), for a 9.99% stake.
million shares of Rs 10 each saying that the  It is an all-cash deal that will help Reliance
total value of these shares is Rs 252 crore. strengthen Facebook's presence in its largest
 The requisite disclosure had already been market, especially for its WhatsApp unit.
made on March 27, 2020, and the shares  Facebook will get a seat on the board of Jio
have now been credited to the account of the Platforms, along with that of an observer.
corporation.
TVS Motor Company acquired Britain's 'Norton'
Ashok Leyland acquired share in Hinduja
 TVS Motor Company has acquired Britain’s
 Hinduja Group flagship Ashok Leyland Ltd iconic sporting motorcycle, “Norton”, in an all-
has acquired 1.57 crore shares of Rs 10 each cash deal.
constituting 3.36 per cent of the equity of its  The brand is renowned for its classic models
subsidiary Hinduja Leyland Finance Ltd and eclectic range of luxury motorcycles.
(HLFL).  The brand, which was founded by James
 The cost of acquisition was done at a price of Lansdowne Norton, in Birmingham, in 1898
Rs 119 per equity share. will retain its distinctive identity with
 The acquisition is part of the 6.99 per cent dedicated and specific business plans.
acquisition approved by the board of
directors at a meeting held on March 21, ORIX acquired IL&FS’s 100% stake in IWPSL
2020.
 Infrastructure Leasing and Financial Services
Federal Bank to buy 4% stake in IFLIC (IL&FS) has sold its 100% stake in IL&FS
Wind Power Services Ltd (IWPSL) to ORIX
 The board of directors of Federal Bank gave Corporation, Japan, for Rs 6.05 crore.
in-principle nod to acquire additional stake of

20
  IWPSL, a wholly-owned subsidiary of IL&FS Kamalanga Energy Limited by JSW Energy
Energy Development Company (IEDSL), is Limited.
engaged in providing supervisory and  CCI gave its approval under Section 31(1) of
management support services to seven the Competition Act, 2002, in its meeting held
operating wind power generating special on 7 April 2020 via video conferencing.
purpose vehicles (SPVs).  The proposed combination envisages the
acquisition of the entire shareholding of GMR
GP Global acquires lubricants assets Kamalanga Energy by JSW Energy Limited.

 GP Global, an energy-to-agriculture Hindustan Unilever merged with GSKCH India

conglomerate, has acquired Nigeria-based
Grand Petroleum’s lubricants assets.  Hindustan Unilever Ltd (HUL) has completed
 It has done so to strengthen its presence in the merger of GlaxoSmithKline Consumer
Nigeria and West Africa. Healthcare Limited (GSKCH) with itself.
 Grand Petroleum is a part of Nigeria’s Nosak  The company has additionally paid Rs 3,045
Group. crore to acquire the Horlicks brand for India
 The acquisition includes assets such as a from GSK after seeking approval from the
lubricants brand (HiSpeed) and a blending board of directors of HUL.
plant with annual capacity of about 50,000  GSKCH’s brands such as Horlicks will now
tonnes in Lagos. be part of the company’s food and
refreshments business.
IndiGrid to acquire GTPL
JV between Adani Energy Ltd and Total S.A
 IndiGrid will acquire Gurgaon Palwal
Transmission Limited (GPTL) for Rs 1,080  A joint venture has been approved between
crore. Adani Green Energy Ltd and Total S.A.
 The Board of the Investment Manager of  Firstly, a joint venture will be incorporated by
IndiGrid, India’s first InvIT in the power Adani Green Energy and, subsequently, the
sector, has approved the acquisition of GPTL direct and indirect subsidiaries of Adani
from Sterlite Power, at a value of up to ₹1,080 Green will be transferred to the joint venture.
crore.  The 2nd step involves direct or indirect
 GPTL is part of Inter State Transmission acquisition of 50 per cent of the equity share
Scheme (ISTS) network and consists of three capital of the joint venture by Total S.A.
gas insulated substations.
Trishikhar to acquire stake in Religare
JSW Energy Limited to acquire GMR Limited
 Fair trade regulator Competition Commission
 The Competition Commission of India (CCI) has approved the acquisition of
has approved the acquisition of GMR 18.95% stake in Religare Health Insurance

21
 Company by Trishikhar Ventures under the  Besides, J&K Handicraft Corporation and
green channel route. J&K Handloom Development Corporation
 Trishikhar is a part of Kedaara Group, which were also merged into J&K Handloom and
invests in a variety of companies through Handicrafts Marketing Corporation and
acquisitions and corporate restructurings. transfer of showrooms of J&K industries to
 Religare provides general insurance the new corporation.
products relating to health segment.
Airtel buys 10% in Spectacom
Merger of 10 state-run banks into 4
 Bharti Airtel has acquired a stake in digital
 The merger of 10 state-run banks into four content company Spectacom Global under
will come into force from April 1, 2020. the Airtel Start-up Accelerator Programme.
 As per the scheme, Oriental Bank of  The move will help Airtel beef up its offerings
Commerce and United Bank of India will be in health and fitness training.
merged into Punjab National Bank; Syndicate  The telco is believed to have picked up a 10%
Bank into Canara Bank; Allahabad Bank into stake in Spectacom Global.
Indian Bank; and Andhra and Corporation  It will help Spectacom deliver exclusive digital
banks into Union Bank of India. content through its platforms Airtel Xstream
and Wynk Music.
Ashok Leyland to acquire 19% stake in HLFL
Japanese company Hakuhodo acquired
 Hinduja Group flagship Ashok Leyland Ltd AdGlobal360
has announced plans to acquire upto 19% of
additional equity shares in Hinduja Leyland  Hakuhodo Inc, Japan’s 2nd largest
Finance Ltd (HLFL) for a consideration of up advertising company has acquired
to Rs 1,200 crore. AdGlobal360 for an undisclosed sum.
 Ashok Leyland had entered into a  Adglobal360 was ranked as the fastest
Supplemental Share Purchase Agreement growing MarTech Company in 2019 by
with Everfin Holdings, an arm of Everstone Deloitte.
Group, to acquire the latter's seven per cent  AdGlobal360 is Hakuhodo’s first acquisition
stake in HLFL. in India as it seeks to enhance its technology
and digital footprint.
Merger of two departments approved  It is headquartered in Gurgaon with
employee strength of over 460.
 J&K Administrative Council accorded
approval to the merger of Handicrafts Central public procurement portal to be merged
Department and Handloom Development
Department into J&K Handicrafts and  India plans to integrate its central public
Handloom Department. procurement portal (CPPP) with the
Government e-Marketplace (GeM).

22
  It will further improve buying and selling  It would be the largest acquisition by an
process for ministries, departments and other American bank since the 2008 global
agencies. financial crisis.
 A unified procurement system will  Founded in California, E*Trade helped
consolidate the entire govt procurement into revolutionise online trading in the 1980s,
a single platform leading to economies of opening the door to individual investors to
scale, better price discovery and sharing of invest on Wall Street.
best practices.
JSW Steel to acquire Bhushan Power
Merger of 10 public sector banks into 4
 The National Company Law Appellate
 Merger of 10 public sector banks will come Tribunal allowed JSW Steel to acquire of
into effect from April 1, 2020. Bhushan Power & Steel Ltd for Rs 19,700
 Union Cabinet has approved the merger. crore by providing it immunity from
 United Bank of India and Oriental Bank of prosecution by Enforcement Directorate.
Commerce will be merged with Punjab  A two-member bench headed by Chairman
National Bank; Syndicate Bank will be Justice S J Mukhopadhaya said that JSW
merged with Canara Bank; Allahabad Bank Steel will be immuned from the acts done by
will be amalgamated with Indian Bank; and the former promoters of Bhushan Power &
Andhra Bank and Corporation Bank will be Steel Ltd (BPSL).
consolidated with Union Bank of India.
CC approved JV between Ford and Mahindra
ONGC & HPCL acquired stake in Petronet MHB
 The Competition Commission has approved
 Oil and Natural Gas Corp (ONGC) and its Mahindra & Mahindra's acquisition of majority
subsidiary Hindustan Petroleum Corp Ltd stake in a wholly-owned subsidiary of Ford
(HPCL) have bought out lenders in Petronet Motor Co.
MHB Ltd, for about Rs 371 crore.  The acquisition will create a joint venture in
 The acquisition will open up possible the country.
opportunities for synergy, better cost  The new venture would acquire the
economics and revenue maximisation. automotive business of Ford India Pvt Ltd
 The acquisition is expected to be completed (FIPL).
by March 31, 2020.  The automotive business includes vehicle
manufacturing plants of Ford India in
Morgan Stanley to acquire E*Trade for $13 bn
Chennai and Sanand.

 Morgan Stanley will buy online trading Infosys to buy US firm Simplus
pioneer E*Trade in a deal valued at $13
billion.
 Infosys Ltd informed the stock exchanges it
will acquire Simplus, one of the fastest

23
 growing Salesforce platinum partners in the  IndiGrid announced the acquisition of power
US and Australia for up to $250 million. transmission firm East North Interconnection
 The acquisition is expected to close during Company Ltd (ENICL) for Rs 1,020 crore.
the fourth quarter of fiscal 2020.  IndiGrid had signed an extension of Right of
 The acquisition would help Infosys expand its First Offer deed with Sterlite Power for ENICL
geographic presence as Simplus has offices as disclosed in the Offer Document dated
across North America, Sydney, Melbourne, May 4, 2019.
and London.  This acquisition will be funded by internal
accruals, proceeds from the preference issue
Bharti Airtel and Tata Teleservices to merge done in May 2019 and new debt.

 The Department of Telecommunications Rupee Bank set to merge with MSC

(DoT) has approved the merger of Tata
Teleservices' consumer mobility business  The 107-year-old, Rupee Co-operative Bank
with Bharti Airtel. is set to merge with Maharashtra State
 The Tata group In October 2017 had Cooperative (MSC) Bank, the apex
announced to sell its consumer mobile cooperative bank of Maharashtra.
business to Airtel on a debt-free, cash-free  Both the banks have submitted a joint
basis. proposal to the department of cooperation.
 The merger will expand Airtel’s spectrum  Rupee Co-op Bank currently has 35
footprint and 4G(4th Generation) coverage branches with 304 employees on the roll and
and its ability. the bank’s accumulated losses stand at Rs
650.89 crore until December 31, 2019.
Total to acquire 50% stake in Adani
Zomato acquires Uber Eats
 Adani Green Energy and Total Gas & Power
Business Services SAS (Total) have entered  Zomato has acquired the Indian operations of
into a binding arrangement for an investment Uber Eats, the food delivery business run by
of approximately $510 million for the Uber, for around $350 million (Rs 2,485
acquisition of 50% stake and other crore).
instruments in a joint venture (JV).  The all-stock transaction will give Uber
 The JV will house 2,148 MWac operating Eats about 10% shareholding in Zomato.
solar projects presently 100% owned by  Uber Eats will cease to exist as a separate
AGEL. brand locally and users on its platform will be
 The solar portfolio is spread across 11 states redirected to Zomato’s app.
in India.
NEI acquired Slovakia-based Kinex Bearings
IndiGrid to acquire ENCIL for Rs 1,020 crore

 National Engineering Industries Ltd (NEI),

part of the CK Birla Group, has acquired

24
 Kinex bearings through its wholly-owned
European subsidiary.
 Kinex Bearings is an international bearing
manufacturer headquartered in Slovakia with
an annual turnover of about 60 million euros.
 The acquisition includes two production
plants in Slovakia (Bytca and Kysucke Nove
Mesto).

PayU buys PaySense for $185 mn

 PayU has acquired a controlling stake

in PaySense at a valuation of $185 million.
 As part of the transaction, PayU will merge it
with its credit business LazyPay to build a full-
stack digital lending platform in the country.
 As part of the deal, PaySense founder
Prashanth Ranganathan will lead PayU’s
credit business in India as the CEO of the
new entity.

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