Top Trending Acquisitions & Mergers News & Highlights
In a new agreement, Greenko founders plan to purchase a stake from Orix.
According to persons acquainted with the situation, the founders of Greenko Energy Holdings, an Indian clean energy producer, are still in the process of acquiring Orix Corp.'s ownership part in the business, even though the Japanese financial organization said that the deal would not proceed. According to persons who asked not to be identified in order to discuss sensitive things, Greenko co-founders Anil Chalamalasetty and Mahesh Kolli are modifying the deal structure to clear the path for the acquisition to move forward. According to Bloomberg Intelligence, Greenko's largest owner, with a 58% ownership, is Singapore's sovereign wealth fund, GIC Pte.The founders of Greenko had originally intended to finance half of the $1.46 billion purchase of Orix's 20% stake with cash, with the remaining portion to be financed through the issuance of convertible bonds by their firm, AM Green (Luxembourg). According to the people, the conditions are still negotiating and could change under the new structure, which would allow Greenko's founders to finance the acquisition with less cash and more convertible note investment. The size of a private loan supporting the sale has decreased from an initial $800 million to about $600 million, they added, in light of the expectations for the smaller cash portion.The loan will probably still rank among the biggest private credit agreements in India this year, where direct lending has exploded due to Prime Minister Narendra Modi's infrastructure push, which is driving up demand for money for everything from roads to solar power.
Published 20 May 2025 05:37 PM
OnePlus Open 2 with Snapdragon 8 Gen 4 SoC is expected to launch in Q1 2025.
The company's first folding smartphone, the OnePlus Open, debuted last year with triple back cameras bearing the Hasselblad name and a high-resolution cover display (Read our Review). There are already rumors that a foldable's replacement is in the works. Thanks to a tipster, we now know some additional information regarding the impending foldable. The OnePlus Open 2, which may be a repackaged Oppo Find N5, is rumored to operate on the unreleased Snapdragon 8 Gen 4 SoC.A well-known Weibo tipster named Digital Chat Station (whose username is translated from Chinese) stated that the OnePlus Open 2 is expected to launch in 2025's first quarter. It is rumored to be powered by Qualcomm's upcoming Snapdragon 8 Gen 4 SoC. In October of this year, Qualcomm is anticipated to introduce the chipset.The anticipated OnePlus Open replacement is expected to include a slim design, a high-resolution cover screen, an updated hinge to minimize weight, and a "ultra-flat" inside screen. It is probably going to be slim, and it might keep the OnePlus Open's periscope camera. It is very likely to launch as the Oppo Find N5, rebranded. The Find N3 was rebranded as the predecessor.In October 2023, the OnePlus Open made its debut in India, retailing for Rs. 1,39,999 for the 16GB RAM + 512GB storage model alone. It sports a 6.31-inch (1,116x2,484 pixels) 2K LTPO 3.0 Super Fluid AMOLED cover screen and a 7.82-inch (2,268x2,440 pixels) 2K Flexi-fluid LTPO 3.0 AMOLED inner display. It is powered by a Snapdragon 8 Gen 2 SoC and has 16GB of LPDDR5x RAM.The Hasselblad-branded triple rear camera arrangement on the OnePlus Open is powered by a 48-megapixel primary camera. Its two front cameras include a 32-megapixel secondary camera and a 20-megapixel primary selfie camera. The 4,800mAh battery within the foldable allows for 67W SuperVOOC charging.
Published 06 Jun 2024 11:26 AM
The Gately Report TD Synnex Partners Cybercriminals Use AI to Trick Them
Cybercriminals are using artificial intelligence (AI) to boost the likelihood of their attacks succeeding, posing a growing threat to TD Synnex partners.Ed Morales, worldwide vice president of security and high-growth business development at TD Synnex, says as much. He spoke with us at the TD Synnex Beyond Security event held in Boston last week.In order to boost development and profitability, TD Synnex presented at the conference how its portfolio of suppliers, which includes the cloud, artificial intelligence, and security, can assist partners in pursuing these high-growth technologies.Morales stated, "You have to be able to defend against those threats because the bad actors are leveraging AI." Additionally, we've observed that AI is widely used in many of the technologies that some of our vendors are implementing. It's quite remarkable. It aims to always be one step ahead.Equipping TD Synnex Partners: According to Morales, many TD Synnex partners may be knowledgeable about network security or more basic security, but they may not be aware of the AI advances that suppliers have incorporated into their products. "There's a convergence now that we're trying to take to market AI around cloud and security, so we've got to be able to be a step ahead of what's happening in the technology market and the environment. And that's not just a North American statement, that is global. One really great thing about this is that our job is to make sure that we curate all of what the vendors are providing and then provide that information to our customers at scale," he said.
Published 06 Jun 2024 11:26 AM
The merger of equals between Orrstown Financial Services, Inc. and Codorus Valley Bancorp, Inc. has been approved by the shareholders.
SHIPPENSBURG, PA. and YORK, PA (CNN) — The parent companies of Orrstown Bank, Orrstown Financial Services, Inc. (NASDAQ: ORRF) and PeoplesBank, A Codorus Valley Company, Codorus Valley Bancorp, Inc. (NASDAQ: CVLY), each announced today that they had received shareholder approval for the previously announced merger of equals. The merger of Codorus Valley with and into Orrstown, with Orrstown as the surviving corporation (the "Merger"), the Agreement and Plan of Merger, dated as of December 12, 2023 (the "Merger Agreement"), by and between Orrstown and Codorus Valley, and the compensation payable to the named executive officers of Codorus Valley in connection with the merger were approved by the shareholders at a special meeting of shareholders held on May 30, 2024.The president and CEO of Orrstown, Thomas R. Quinn, Jr., stated, "The ratification of our merger by shareholders represents a significant step forward for our merger of equals. The deal was unanimously approved by the shareholder base of each company, which makes Craig and I proud. We anticipate that this will increase shareholder value and open up new prospects for our clients, staff, and communities. The vote today moves us one step closer to offering our esteemed clients better financial services, according to Craig L. Kauffman, President and CEO of Codorus Valley. I can't wait to begin developing our Pennsylvania and Maryland markets into the best community banking franchise. If the customary closing conditions are met, the merger and related transactions are anticipated to close in the third quarter of 2024.Concerning Orrstown A comprehensive range of consumer and business financial services is offered in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania; Anne Arundel, Baltimore, Howard, and Washington Counties, Maryland; and Baltimore City, Maryland by Orrstown Financial Services, Inc. and its wholly owned subsidiary, Orrstown Bank. Along with neighboring counties in Pennsylvania and Maryland, Loudon County, Virginia, and Berkeley, Jefferson, and Morgan Counties, West Virginia, are also included in the company's lending region. Orrstown Bank is an Equal Housing Lender, and the FDIC insures all of its deposits up to the highest amount permitted by law. The common stock of Orrstown Financial Services, Inc. is traded with the ticker code "ORRF" on the NASDAQ Global Select Market.
Published 06 Jun 2024 11:25 AM
Acquisitions & Mergers
Acquisitions & Mergers are the latest trend in the globe.
India emerges strong amid global economic challenges, feels Citis Tyler Dickson
Tyler Dickson, head of investment banking at Citi feels that India stands out as a shining star in Asia in the midst of global macroeconomic challenges, The Economic Times reported. Dickson expressed bullish sentiments about India's mergers and acquisition (M&A) segment and equity market activities, during an interview with the paper.Questioned about his thoughts on how well India has fared amid the global macroeconomic challenges compared to other emerging markets in Asia, Dickson noted that the country is currently the fifth-largest economy globally and is poised to climb to the third position. The enthusiasm of Indian business leaders, coupled with the 'China plus one' strategy, makes India an attractive market for global investors, he said. Citi sees it as one of the best opportunities for both Indian and international clients, it reported. On the environment regarding M&As and tighter global liquidity conditions, Dickson felt that India's M&A market remains robust at around $85 billion despite global challenges. While the debt capital markets (DCM) face challenges due to fluctuating rates, Citi maintains a positive long-term perspective on the M&A landscape in India, he added. In terms of deal activity he feels that higher interest rates globally indicate slower economic growth and necessitate adjustments in deal activity. He however noted that stability in the cost of capital is crucial, and that as the market recalibrates, confidence will increase. The focus on quality in earnings, cash flow, and growth becomes more significant in a higher interest rate environment, he added. Further, Dickson also expressed a long-term bullish outlook on technology, considering it a fundamental driver of growth, the report said. While acknowledging the challenges faced during the "technology winter," Citi is cautiously optimistic about increased activity levels for technology companies in M&A, ECM, and DCM in 2024, he added. Acknowledging that there is a "financing wall in the 2025-2026 era", characterized by the need to refinance debt at higher costs, Dickson said Citi emphasises that this debt is not super expensive. The bank sees an opportunity for the global market to adjust to this reality, considering historical periods with more expensive debt, it said.
Fitch expects RBI to cut interest rates by 75 basis points in FY25
Mumbai, Federal Bank on Tuesday reported 23 per cent increase in consolidated net profit at Rs 1,035.42 crore for December quarter 2023-24, helped by a sharp decline in provisions and also surge in non-interest income. On a standalone basis, the private sector lender's net profit in the quarter increased 25 per cent to Rs 1,007 crore, its highest ever. The growth in the core NII was constrained because of narrowing of net interest margin at 3.19 per cent from the 3.55 per cent in the year-ago period, and the 18 per cent asset growth provided a limited succour. Chief executive and managing director Shyam Srinivasan said the bank has posted 19 per cent growth in deposits by giving higher rates, but was quick to add that the deposit growth is from individual clients which will yield dividends over a period of time. He admitted that the bank has not been able to deliver on its guidance of expanding NIMs in the second half of FY24 due to the challenging external environment where funds are coming at a higher cost, and added that it will look at maintaining NIM at the 3.20 per cent level in the near term. The net advances at the end of the December quarter stood at Rs 199,185 crore, 18% year-on-year (YoY) growth over Rs 168,173 crore in Q3FY23. In the previous quarter, the bank had reported net advances at Rs 192,817 crore.The retail book was up by 24% YoY in Q3Y24, while the business banking book registered an 18% YoY growth. The bank also reported a 23% YoY growth in gold loans.The deposits in the said quarter stood at Rs 239,591 crore and were up 19% versus Rs 201,408 crore in Q3FY23. On a quarter-on-quarter (QoQ) basis, the uptick was 3% against Rs 232,868 crore in Q2FY24.The bank reported a slight uptick in its gross non-performing assets (NPAs) in Q3FY24 at Rs 2.29% on a sequential basis against 2.26% in Q2FY24. However, GNPA was down YoY from 2.43% in Q3FY23. The net NPA was flat on a QoQ basis at 0.64% in Q3FY23. In the year-ago period, the lender had reported NNPA at 0.73%.The PCR improved by 189 bps YoY and 5 bps QoQ, while the collection efficiency ensured recoveries upgradations of Rs 290 crore, the company filing said. The PCR remains elevated at 11-quarter high.The returns on assets for Q3FY24 stood at 1.39% versus 1.36% in Q2FY24 and 1.33% in Q3FY23. The net interest margins (NIMs) were reported at 3.19%, down from 3.22% in Q2FY24 and 3.55% in Q3FY23.The bank reported its October-December quarter earnings during market hours and the share fell 0.55% to the day's low of Rs 152.10.Federal Bank posted strong growth in the branch network, adding 65 new branches in FY24.
Wondrlab purchases a Polish digital firm
WebTalk is a Polish agency that Wondrlab purchases in a cash and equity transaction. WebTalk acquires an undisclosed financial stake in Wondrlab. WebTalk clients gain from the acquisition since it gives them access to Wondrlab platforms. The largest acquisition made by Wondrlab to date, this is its fifth. Wondrlab has raised $7 million and intends to make 26 acquisitions. The company has opened its European hub and aims to generate revenue of Rs 200 crore. Jarek Ziebinski..
"Transaction value decreased by 9% and consumer retail deals fell by a third in 2023, according to Grant Thornton Bharat
According to a Grant Thornton Bharat report, deal activity in the retail, e-commerce, and consumer sectors decreased by a third in volume in 2023 as investors grew wary due to high inflation, several companies implementing wage freezes, and workforce reductions. The number of consumer sector mergers and acquisitions and private equity funding deals fell to 331 in the most recent calendar year from 514 the year before. The value of these deals decreased by 9% to $8.6 billion from $9.3 billion, with the ecommerce sector leading the majority of this decline.The value of e-commerce transactions almost halved to 3.3 billion, but the quantity fell 70% to 124 deals. However, deal activity in the apparel and retail sectors increased seven times, with Reliance Retail leading the way with nearly $1.6 billion raised from Qatar Investment.
Up to $50 million may be raised by a Trump-affiliated SPAC through convertible notes and warrants.
In a filing, Digital World Acquisition—the blank-check company that is going to merge with the media company owned by former US President Donald Trump—said that it could raise as much as $50 million through the issuance of convertible notes or warrants. Shares of Digital World dropped 9.2% to $20.30 on A publicly traded shell company known as a special purpose acquisition company, or SPAC, raises capital with the goal of merging with a private company within two years of floating its shares. The merger allows the private company to go public.Digital World said in the filing with the U.S. Securities and Exchange Commission that it was still in talks to raise funds through alternative options after some potential investors expressed interest, though it added there was no certainty that the talks will be successful.The blank-check company declared that it would forfeit the $530.5 million that remained from the $1 billion in PIPE that it had raised. The SPAC raised $1 billion through PIPE in 2022, but the investors had the option to back out of their commitments when the merger with Trump Media and Technology Group was not completed by the September 2022 deadline.Truth Social is a social media platform run by Trump Media & Technology Group. (Editing by Shounak Dasgupta; reporting by Akash Sriram in Bengaluru)
Nuvei acquired Paya for $1.3 billion
According to CEO Philip Fayer, Nuvei's acquisition of the Atlanta business will improve its standing in integrated payments, B2B, and international e-commerce. According to a news release released on Monday, Nuvei, a company that facilitates payment acceptance and provides payout choices, intends to integrate Paya's integrated payment capabilities into its global platform. Paya provides integrated payments across a range of verticals, including business-to-business, healthcare, nonprofit, and education. According to Nuvei CEO Philip Fayer, the acquisition will improve the company's standing in the international e-commerce, integrated payments, and business-to-business sectors. Based on information from the company's LinkedIn profile, Nuvei was established in 2003. According to the press announcement, Fayer stated that the inclusion of Paya "will accelerate our integrated payment strategy, diversify our business into key high-growth non-cyclical verticals with large addressable end markets and enhance the execution of our growth plan." According to the announcement, the deal is anticipated to be finished by the end of the first quarter. According to Nuvei, it intends to use a combination of cash, an already-existing credit facility, and a brand-new secured credit facility worth $600 million to finance the acquisition.
Deutsche Börse pays €3.9 billion to acquire SimCorp.
In the buyout deal, Deutsche Boerse acquires more than 90% of SimCorp's shares. The amount is an estimate, and by the end of the week, it hopes to release an official figure that will enable the deal to conclude within the next five working days. The combination of SimCorp's investment management software and Deutsche Boerse's data, which was revealed in April, has been hailed by the management of Deutsche Boerse as a critical component of the company's future strategy. Furthermore, Deutsche Börse has published a notice on the compulsory acquisition of the shares held by the remaining minority owners in SimCorp, in accordance with sections 70–72 of the Danish Companies Act. Deutsche Börse publicly requests that all surviving minority SimCorp owners transfer their SimCorp shares to Deutsche Börse within the mandatory acquisition notice period, which ends on October 30, 2023, at 23:59 (CEST) and lasts for four (4) weeks. Cash payment will be accepted for the mandatory purchase of SimCorp shares, which have a nominal value of DKK 1.00 and will be made at a cost of DKK 735 per share. The SimCorp Board of Directors has taken note of the fact that the mandatory purchase is being carried out at the same price per share (DKK 735) as the offer made to the shareholders. The Board of Directors cites its June 7, 2023, announcement about the Offer.
For $10.5 billion, Nasdaq buys Adenza.
Today, Nasdaq announced that it is spending $10.5 billion to buy Adenza, a business that creates regulatory software and risk-management tools for the financial services industry. According to a press release from the firm today, the megabucks acquisition, which consists of an equal portion of cash and stock, will increase Nasdaq's serviceable addressable market (SAM) to $34 billion, or $10 billion over its current level. Second only behind Qualtrics's $12.5 billion acquisition, which was disclosed a few months ago, is the deal, which ranks among the largest acquisitions of the year thus far. Adenza provides banks, insurance companies, broker-dealers, and other similar financial sector corporations with an end-to-end platform that covers everything from data administration to reporting and is accessible through cloud computing or on-premises installation. The company has two headquarters: one in New York and the other in London. Nasdaq, which runs three stock exchanges in the United States and seven in Europe, said it will be in a better position to offer “comprehensive support to financial institutions” in the areas of regulatory technology, compliance, and risk management now that it has taken Adenza under its wing. Financial institutions employ software tools sold by Adenza to make sure their operations adhere to regulatory requirements. The technologies can gather financial activity data from an organisation, look for indications of compliance problems, and present the data in a dashboard. The software developed by Adenza also simplifies associated duties, such making sure dashboard data is correct. The company also provides a different set of applications that facilitate trade execution for financial institutions. A platform that banks can use to get market data and buy shares is one of the software solutions offered by Adenza. Users are able to evaluate new investing strategies before putting them into practice by using a simulation tool.
Worldpay is sold by FIS to GTCR for $18.5b.
In one of the biggest corporate carve-outs in history, US financial technology company Fidelity National Information Services has agreed to sell private equity firm GTCR the bulk of its merchant payments division, Worldpay. The transaction is valued at up to $18.5 billion. After telling investors in February that it intended to spin off the unit to stockholders, FIS changed its strategy and would now maintain a 45% ownership in Worldpay in addition to receiving net proceeds of $11.7 billion. The Florida-based business announced on Thursday that it will use the money to finance share buybacks and debt repayment. The Chicago-based GTCR is expected to invest over $5 billion in Worldpay, with a valuation of approximately $4.5 billion for FIS's 45 percent equity stake, as per individuals acquainted with the situation. According to people familiar with the situation, a syndicate of lenders led by Goldman and JPMorgan will raise $8.4 billion in debt to finance the private equity firm's acquisition. UBS, Deutsche Bank, Citigroup, and Wells Fargo are also involved in the funding. Chief executive Stephanie Ferris stated in a statement, "This transaction provides certainty for all stakeholders and allows FIS to partially monetarilyze our merchant solutions business at an attractive valuation." GTCR has a history of investing in the payments industry; in 2010, it even sold a company to Worldpay for a price over $1 billion. According to those with knowledge of the situation, Thursday's transaction is the biggest in the company's history.
PVR merger with Inox Leisure
PVR Pictures, a prominent multiplex operator, has merged with Inox Leisure to become PVR INOX Pictures. The multiplex chain operator had indicated a few days prior that it would be closing some of its screens due to accelerated depreciation on the theatres that were being considered for closure. Following the merging of PVR and Inox Leisure, PVR Pictures is now known as PVR INOX Pictures. Until the conclusion of FY23, the combined company will be running 361 theatres with 1,689 screens over 115 cities in Sri Lanka and India. The PVR Group's film production and distribution division was known as PVR Pictures. In a statement released on Wednesday, PVR INOX Pictures stated that it plans to raise its content acquisition expenditures for the Indian market and create more chances for independent artists and underrepresented storytellers. "With a wider screen network, it will expand its programming and marketing capabilities and create highly innovative experiences, bringing significant value to its partners as well as to its customers," stated the statement. In 2007, the business successfully debuted as a film producer with Taare Zameen Par and Jaane Tu Ya Jaane Na. Following the merging of PVR Ltd and INOX Leisure, two well-known movie theatre brands, PVR-INOX Ltd was established. The merger went into effect on February 6, 2023.
At USD 10.5 billion, the largest acquisition ever made in India's infrastructure and materials sectors
Ahmedabad, India, May 15, 2022: The Adani Family stated that it has finalised arrangements to purchase the whole interest of Switzerland-based Holcim Ltd in two of India's top cement companies, ACC Ltd. and Ambuja Cements Ltd., through an offshore special purpose company. Holcim owns 54.53% of ACC (of which 50.05% is held through Ambuja Cements) and 63.19% of Ambuja Cements through its subsidiaries. With a value of about USD 10.5 billion for the Holcim holding and open offer consideration for Ambuja Cements and ACC, this is both the largest acquisition by Adani and the largest M&A deal in the infrastructure and materials sector in India. "Thanks to Holcim's global leadership in cement production and sustainability best practices, we can accelerate the transition to greener cement production," Mr. Adani continued. Additionally, two of the most well-known brands in India are ACC and Ambuja Cements. Our footprint in the production of renewable energy gives us a significant advantage in the decarbonisation process, which is essential for the manufacturing of cement. With all of our skills combined, I have no doubt that we will be able to create the greenest and most sustainable cement production methods possible, ones that will either match or surpass international standards. "I am thrilled that the Adani Group is taking over our Indian company to spearhead its next phase of expansion," stated Mr.Jan Jenisch, CEO of Holcim Limited
HDFC Bank to sell its whole 9.95 percent equity stake at ₹600.36 per equity share to Softcell Technologies Global Private Limited (STGPL).
For a value of ₹9.94 crore, HDFC Bank has signed an agreement to sell its whole 9.95 percent equity ownership in Softcell Technologies Global Private Limited (STGPL) at ₹600.36 per equity share. Founded on September 6, 2018, STGPL is a company that sells software, related services, and IT items. The company reported a net profit of ₹11.33 crore for FY22, with a turnover (operating income) of ₹584.42 crore. According to the bank's regulatory filing, the deal is expected to be completed by the end of February. According to the filing, STGPL is a shareholder of HDFC Investments Limited, a promoter group entity of the Bank.
For ₹174 crore, Saregama will purchase the bulk of Pocket Aces.
The digital entertainment company Pocket Aces Pictures Pvt Ltd has seen a majority acquisition by Saregama, a music label controlled by the RP-Sanjiv Goenka Group, according to a statement from the company. For ₹174 crore, Saregama will purchase 51.8% of the shares, with a clear path to purchase an additional 41% of the shares at pre-agreed multiples over the following 15 months. This is an all-cash transaction. Saregama has revealed that it will pay ₹174 crore in cash to purchase a 51.8% share in Pocket Aces Pictures Private Ltd., a provider of digital entertainment. The corporation stated that it would purchase an additional 41% of the company within the next 15 months at pre-arranged multiples. The vice chairperson of Saregama, Avarna Jain, stated in a statement that this acquisition represents the meeting point of innovation and heritage. Although we have always been industry leaders in music and media, this collaboration with Pocket Aces will open up new revenue opportunities for us as we reach the growing youth digital audience.
Sonata Finance is expected to be acquired by Kotak Mahindra for ₹537 crore.
The Reserve Bank of India (RBI) has given Kotak Mahindra Bank permission to acquire Sonata Finance, a microlender, for a sum of Rs 537 crore. The RBI has allowed Kotak to make Sonata its business correspondent subsidiary, making it a wholly-owned subsidiary of the bank. Through the acquisition, Kotak will be able to further establish itself in northern India's semi-urban and rural areas. Sonata has Rs 1,903 crore . In a notification to the exchanges, Kotak Mahindra Bank stated that Sonata will become a fully owned subsidiary of the bank upon the completion of the deal (subject to obtaining other necessary approvals). Subject to the necessary clearances, including the RBI's, the bank had entered into share-purchase agreements with the shareholders of Sonata Finance, an NBFC-MFI, in February with the aim of purchasing a 100% stake for ~537 crore. In a notification to the exchanges, Kotak Mahindra Bank stated that Sonata will become a fully owned subsidiary of the bank upon the completion of the deal (subject to obtaining other necessary approvals). Subject to the necessary clearances, including the RBI's, the bank had entered into share-purchase agreements with the shareholders of Sonata Finance, an NBFC-MFI, in February with the aim of purchasing a 100% stake for ~537 crore.
Sobek Auto to be acquired by CarTrade Tech for ₹537 crore
CarTrade Tech, an online vehicle classifieds platform, announced on Monday that it has signed an agreement to buy Sobek Auto India for a reported ₹537 crore. Sobek operates an online classifieds company in addition to an automotive digital platform. CarTrade Tech announced in a regulatory filing that the business has engaged into a share purchase agreement to purchase a 100% ownership in Sobek from OLX India BV, subject to the fulfilment of certain requirements. According to the company, the acquisition is a step towards its strategic goals of making investments that will complement CarTrade Tech's current commercial operations. On June 30, 2023, Sobek purchased the online classifieds company from OLX India in accordance with the terms and conditions specified in the business transfer agreement.
The Adani Group buys the bulk of IANS News Agency
Adani Group announced on last Friday that it has purchased a 50.50 percent ownership in news agency IANS India Private Limited through its fully owned subsidiary, AMG Media Networks Limited (AMNL). According to the Share Purchase Agreement dated December 15, 2023, this majority stake is made up of Equity Shares (Category I shares with voting rights) and Equity Shares (Category II shares without voting rights) of IANS India Private Limited (IANS), each, the company announced through an exchange filing. Adani first entered the media industry in March of last year when it bought Quintillion Business Media, the company behind the digital news platform BQ Prime for business and finance. After that, in December, it acquired over 65% of the broadcaster NDTV. According to the petition, AMNL would have complete operational and managerial control over IANS, and it will also have the authority to name all of the organization's directors. IANS is currently an AMNL subsidiary as a result of the aforementioned acquisition." Adani, a first-generation businessman, began his career as a commodities trader in 1988 before growing his company to become the biggest private infrastructure player in India, owning 13 ports and 8 airports. Its operations have expanded over time to include the production of coal, energy distribution, data centers, and, more recently, cement and copper. In order to establish a private network, it even placed a bid and won the 5G telecom spectrum.
Vodafone Idea and Team Vitality form a strategic partnership to advance the expansion of Indian esports
The State of India Gaming Report 2022 projects that by 2027, the Indian esports market will be worth $140 million. Esports as a category have been more well-known in recent years, particularly when they were first offered as legitimate medal sports on numerous international sports platforms. Vodafone Idea (Vi), one of India's top telecom providers, and Paris-based Team Vitality, a globally recognized esports organization, have announced a long-term partnership to strengthen the esports ecosystem in India in an effort to capitalize on this expanding consumer segment.The two brands hope to provide possibilities and exposes to both esports fans and gaming aficionados with this first-of-its-kind relationship. The agreement covers a wide range of activities, including gaming events, content partnerships, brand sponsorship, and one-of-a-kind experiences on an unprecedented scale. Vi clients will be able to take part in esports and get special access to some of the well-liked Teams Vitality competitions and teams as a result. Through this agreement, aspiring esports athletes from all around the nation will have access to professional players, master courses, meet-and-greets with esports talent, and a plethora of other chances. Vi is well-known for having a significant presence in the mobile gaming market and providing consumers with access to a large selection of ultra-casual games on Vi Games.Avneesh Khosla, CMO of Vi, commented on the affiliation, saying, "We have consistently worked to expand our gaming portfolio through appropriate partnerships and pertinent offerings. Gaming has always been our strategic focus area." Vi Games made sense to expand its focus in this area as esports, particularly among younger viewers, have transformed the mobile gaming landscape in recent years. We are thrilled to be working with Team Vitality, one of the top esports companies globally. Our joint goal is to promote and democratize India's esports industry. We'll be introducing some thrilling esports and other material geared toward young people in the upcoming months for our customers to enjoy. Speaking about the event Team Vitality's managing director, Randall Fernandez
