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Weekly Financial Merger and acquisition news

Weekly Financial Merger and acquisition news

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  • 1. 1Top HeadlinesHelion-backed Getit gets approval to raise $36.4M.RPG Life Sciences sells leasehold rights of land in Navi Mumbai toMaruti Suzuki for $13.5M.Snapdeal closes $50M Series D funding round, brings newinvestors on board.Fortis is in talks to sell Hong Kong & Vietnam assets to raise$400M.Goldman Sachs puts $135M afresh in Sumant Sinha’s wind energyfirm ReNew Power.Blackstone seeks to buy business park in Mumbai for $176M.Capvent acquires 51% stake in water purification firm Morf India.Reliance Jio signs $2.1B tower-sharing deal with RCOM to roll out4G services.Intel Capital announces investments in Healthkart, Snapdeal andSingapore-based online retailerInside The StoryHelion-backed Getit gets approval to raise $36.4MLocal search and classified services provider Getit Infoservices Pvt Ltd hasreceived approval to raise funding of Rs 216 crore or approximately $36.4 million fromthe Foreign Investment Promotion Board (FIPB), the nodal government body monitoringforeign investment in India.Early this year, Getit bought Yellow Pages and AskMe fromNetwork18. It also appointed former Microsoft executive, Jaspreet Bindra, as its newchief executive officer.RPG Life Sciences sells leasehold rights of land in Navi Mumbai toMaruti Suzuki for $13.5M.RPG Life Sciences Ltd (RPGLS), part of the Kolkata-based RPG Enterprises, has soldthe leasehold rights of its surplus land amounting to 14,149 square metres to MarutiSuzuki India Ltd. The car manufacturer has acquired the land located in TTC Industrialarea in Navi Mumbai, the harbour suburb of Mumbai, for Rs 76.91 crore ($13.5million).RPGLS had acquired a land admeasuring 48,632 square metres on a 95-yearlease from Maharashtra Industrial Development Corporation (MIDC). Of the entire land
  • 2. 2acquired, this portion was surplus land and thus has been leased out to Maruti Suzuki.Theproceeds from the transaction will be used for reducing the company’s debt and investingin projects to drive its growth, said Ajit Singh Chouhan, managing director of RPGLS.Snapdeal closes $50M Series D funding round, brings newinvestors on board.Jasper Infotech Pvt Ltd, which runs online marketplace Snapdeal, has closed its latestfunding round worth $50 million (Rs 284 crore) which saw strategic investor eBay comein to pick a stake. Besides eBay and Japan’s Recruit Holdings, other new institutionalinvestors who joined the funding round include Intel Capital, Russian venture fund ru-Net and Saama Capital, according to The Economic Times which quoted the firm’s co-founder Kunal Bahl.For ru-Net this comes as yet another Indian exposure after it backede-com sites Bestylish and Freecultr.This investment round now values the firm at over Rs1,000 crore. Existing investors Bessemer Venture Partners, Nexus Venture Partners,Indo-US Venture Partners (now known as Kalaari Capital) and Kenneth Glass have alsoparticipated in the funding round.Fortis is in talks to sell Hong Kong & Vietnam assets to raise$400M.Indias hospital chain, Fortis Healthcare, may sell its Vietnam and Hong Kong arms for$380-400 million, or around Rs 2,100 crore. Fortis has received an unsolicited bid of $80million from Singapore-based Richard Chandler Corporation for its 65% stake in FortisHoan My Corporation (the Vietnamese unit). The transaction is in the final stage as thetwo sides have already reached an understanding and a deal is likely to be announcedshortly. Only last month, the hospital chain, owned by billionaire brothers MalvinderSingh and Shivinder Singh, completed the sale of its Australian subsidiary DentalCorporation for around $263 million.Goldman Sachs puts $135M afresh in Sumant Sinha’s wind energyfirm ReNew Power.Goldman Sachs’ private equity fund has invested $135 million (Rs 760 crore) afresh inthe privately held wind energy firm ReNew Power Pvt Ltd, as per a company disclosure.It had earlier invested Rs 1,000 crore ($200 million in 2011) in the same venture, startedby Sumant Sinha, a prominent deal-maker and former COO of Suzlon Energy.Interestingly, it was the single largest PE investment in the renewable energyfield.Although other firms like Moser Baer Photo Voltaic attracted similar investments,they did so over multiple rounds of funding.Goldman Sachs spokesperson declined toprovide further details on the investment.
  • 3. 3Blackstone seeks to buy business park in Mumbai for $176M.The Blackstone Group is in advanced talks to buy a business park in Indias financialcapital Mumbai for about 10 billion rupees ($176 million). Indian property fund IL&FSMilestone owns a 74% stake in the 247 Business Park, in Vikhroli in central Mumbai,while Hindustan Construction Company Ltd. controls the other 26%.In 2010, HCC sold a74% holding to IL&FS Milestone for 5.75 billion rupees. U.S. private equity firmBlackstone has been aggressively buying commercial assets in India over the past coupleof years. In February, Blackstone, along with two other companies, agreed to buy abusiness park in south India for 19.5 billion rupees ($343.31 million).Capvent acquires 51% stake in water purification firm Morf India.Capvent AG, the Zurich-headquartered fund of funds, has acquired 51 per cent stake inChennai-based water treatment and purification firm Morf India Ltd for an undisclosedamount, according to a company statement.Morf India will use the money to develop newand innovative products, and run brand campaigns. Part of the money will be also usedfor its national expansion plans, to be implemented by this year-end.Reliance Jio signs $2.1B tower-sharing deal with RCOM to roll out4G services.Reliance Industries’ (RIL) communication arm Reliance Jio Infocomm Ltd has signed anagreement with Reliance Communications Ltd (RCOM) for sharing of RCOM’snationwide telecom towers infrastructure.The agreement has an aggregate value of overRs 12,000 crore ($2.1 billion) during the agreement’s lifetime.As per the pact, RelianceJio will use up to 45,000 ground- and rooftop-based towers across RCOM’s network foraccelerated roll-out of its 4G services.The agreement provides for joint workingarrangements to configure the scope of additional towers to be built at new locations toensure penetration and seamless delivery of next generation services.Intel Capital announces investments in Healthkart, Snapdeal andSingapore-based online retailerIntel Capital has announced an investment of $16 million in three companies—Gurgaon-based startup Bright Lifecare Pvt Ltd, which runs online health store Healthkart.com;Delhi-based e-commerce firm Snapdeal and Singapore-based online retailerRaboonz.com. Intel Capital has not disclosed how much each company has raised fromit.For Bright Lifecare, this is a Series B round in which Intel Capital has been joined byexisting investors, including Sequoia Capital. Snapdeal closed its Series D round worth$50 million with an entry by three venture funds, including Intel Capital.
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