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.

Union Budget 2024: India's Green Energy Transition Needs to Be Accelerated

As the Union Finance Minister prepares to present the Union Budget 2024, expectations are high that it will accelerate India’s transition to a low-carbon, climate resilient economy. India aims to meet its ambitious renewable energy targets and carbon emissions reduction goals in line with its Nationally Determined Contributions under the Paris Agreement. Experts believe the budgetary allocations and policy measures could catalyse green investments, create green jobs, and put India firmly on the path to a greener future. Aiming to reach 500 GW of renewable energy capacity by 2030, India has made a commitment under the Paris Agreement. There has been a great deal of advancement, with renewable energy capacity expected to surpass 170 GW by 2023. However, more needs to be done to accelerate the pace of growth. The Ministry of New and Renewable Energy estimates that achieving the 2030 target will require investments of around USD 500 billion. Much of that has to be done through private sector participation, and the budget can help by providing viability gap funding and low-cost financing through a dedicated green fund. Tax holidays (though an anathema to the present policy discourse), exemptions on capital equipment imports and reductions in GST rates would help lowerIn order to handle intermittent supply, smart grids will need to upgrade their transmission infrastructure, which will cost money. To become commercially viable, emerging industries like offshore wind and green hydrogen would require additional policy support.  

UNESCO and SFLC.in collaborate to release a guide on online gender-based violence.

A handbook on how to handle online gender-based violence has been released by UNESCO in collaboration with SFLC.in, a legal not-for-profit organization based in Delhi. The guide, titled "How To Defend Your Online Spaces Against Online Gender-Based Violence," will assist in identifying the many forms of online abuse that occur and walk the user through their options for addressing this type of violence.  The guide is accessible in Malayalam, Hindi, Marathi, and English. Downloads for it are available on the SFLC.in website.The legal not-for-profit organization SFLC.in, situated in Delhi, has released a guide on handling online gender-based violence (OGBV) in collaboration with UNESCO. Users of online spaces are the target audience for the guide, "How To Defend Your Online Spaces Against Online Gender-Based Violence. " The guide assists in recognizing the different forms of online abuse that occur and walks the user through the resources that may be available to them in order to stop this kind of violence. The guide is accessible in Malayalam, Hindi, Marathi, and English. Downloads for it are available on the SFLC.in website.In addition, SFLC.in arranged a learning call (webinar) to address the prevalence of OGBV and self-defense measures that women can take in conjunction with the release of this guide. Emma Gibson, the Chief Executive Women Leading AI, Mahima Kaul, the Head of Public Policy, APAC at Bumble, and Bishakha Dutta, the Co-Founder and Executive Director at Point of View, participated in a panel discussion on the subject of OGBV during the learning call. The panel was moderated by Prasanth Sugathan, the Legal Director of SFLC.in.Due to the common misconception that online space is less real or tangible than the physical world, Indian courts often treat cases of online violence against women as less serious than physical violence, according to a recent study on the subject that was based on an analysis of 94 court cases."Online Gender-Based Violence emerges as a formidable threat, casting a dark shadow on the active participation of women and marginalized communities in the digital realm," stated Radhika Jhalani, Legal Counsel of SFLC.in, speaking on the occasion. The internet has been praised as a wonderful equalizer, but when it comes to giving a free and open place, its promise is betrayed when women come across hate speech online. Unfortunately, a lot of people lack the comprehension necessary to identify violent acts or pursue justice. The extensive guide on SFLC.in, which is available in a number of languages, aims to empower users by illuminating the various manifestations of gender-based violence. The guide provides users with the necessary knowledge to identify and address these difficulties through easily understood language and visuals. Our unwavering conviction in a just, transparent, and feministThe educational resource from UNESCO and SFLC.in is intended to assist users in recognizing and comprehending what constitutes online gender violence (OGBV) as well as guiding them via available resources. The guide addresses the following offenses: voyeurism, hate speech, identity theft, non-consensual distribution of private and intimate images or videos, doxing, morphing (including deepfakes), online sextortion or exploitation, cyberstalking, cyberflashing, cyberstalking, and offenses targeting minors.  

A program for mass export development is launched by the India SME Forum. IndiaXports

India's first mass export development program, called "IndiaXports," was introduced during the Regional MSME Exports Summit by the non-profit India SME Forum, which serv es small and medium-sized enterprises."The launch of IndiaXports marks a transformative milestone in our pursuit to elevate this contribution and empower MSMEs." "The percentage of MSMEs' exports saw an upward trajectory, rising from 43.59% in FY22 to 45.03% in FY23," he continued. According to Vinod Kumar, President of the India SME Forum, "At the same time, the strong growth in the number of registered MSMEs, now totaling 3.16 crore, has contributed significantly to an impressive employment record of 15.5 crore as of December, 2023."At the Regional MSME Exports Summit, the India SME Forum (ISF), the country's non-governmental, nonprofit organization for small and medium-sized enterprises, announced the launch of IndiaXports, the country's first mass export development initiative. The program, which was unveiled in November 2023 by Santosh Sarangi, IAS, Director General of Foreign Trade, and Narayan Rane, Union Minister of MSME, will enable 200,000 first-time exporters to reach international markets. Through training, the initiative will assist MSME exporters in maximizing the export potential of their products. It will also help them with business fundamentals including identifying new export markets, comprehending phytosanitary regulations, acquiring global certifications, and fulfilling quality requirements specific to MSME goods.Vinod Kumar, President of the India SME Forum, stated during his speech at the summit that MSMEs presently account for roughly 50% of exports and one third of India's GDP. Launching IndiaXports is a revolutionary step in our quest to elevate this contribution and empower MSMEs. "The proportion of MSMEs' exports saw an upward trajectory, rising from 43.59 percent in FY22 to 45.03 percent in FY23," he continued. Parallel to this, there has been a notable increase in the number of MSMEs that have registered, reaching 3.16 crore as of December 2023, which has greatly boosted employment at 15.5 crore.Experts at the summit suggested assessing profitable export markets using factors like economic development, demographics, trade agreements, and policy changes in order to allay the worries of MSMEs. Giants in e-commerce like Amazon and Alibaba are important because they draw attention to the necessity of encouraging government regulations. According to Grégory Goba-Blé, MD of UPS - India, "Partnerships and collaborations are essential to any business." The goal of the collaboration between UPS, the India SME Forum, and the Ministry of MSME is to help MSMEs reach new heights of development and expand their export market potential. In order for MSMEs to overcome obstacles and substantially contribute to India's ambitions for global commerce, this concentrated effort aims to provide complete know-how to negotiate the needs of cross-border trade."One of UPS's top priorities is supporting women and advancing their contribution to trade," stated Christina Struller, vice president of corporate affairs at UPS. With the Women Exporters Program, we're dedicated to assisting the expansion of women-owned enterprises in collaboration with the Ministry of MSME and the India SME Forum. Our mission is to provide women-owned companies with the tools and information they need to expand internationally. The economy benefits when we assist women in achieving success.Two survey papers, "Navigating Global Markets: Unveiling the Potential of a $300 Billion Opportunity in Exports" and "Festive E-Commerce Trends Empowering MSME Trends in India," were also released during the conference. They highlighted the following important recommendations: Incentives to register on Udyam and data mapping of MSME exports using departments already in place are two examples of developing a mechanism to precisely track MSME exports. Increased exports via e-commerce, a 50% payment variation clause, an annual financial reconciliation process, no import duties on returns or rejects, and the establishment of a dedicated green channel with unique customs codes for quicker and more efficient customs clearance are just a few of the initiatives being considered. ● Establishing an all-in-one information portal channel for exporters with extensive resources, an easy-to-use interface, current information, and assistance and support at 3Prominent attendees at the summit included over 200 MSMEs, government representatives, industry experts, and Rahul Ahluwalia, Founding Director, Foundation for Economic Development; Manasvi Srivastava, Partner, International Trade & Indirect Taxes, KPMG; and Sunil Jha, Zonal Head Transaction Banking, ICICI Bank.