Bain Capital buys stake in Genpact for $1bn
Genpact Limited, a global leader in business process management and technology services, has announced that affiliates of Bain Capital Partners have agreed to purchase approximately 68 mn Genpact common shares from entities affiliated with General Atlantic (GA) and Oak Hill Capital Partners for $14.76 per share, or approximately $1 billion.
Closing of the transaction will take place after payment to all shareholders, including GA and Oak Hill Capital, of the special dividend of $2.24 per share announced by Genpact today.
Under the terms of the transaction, South Asia Private Investments and other affiliates of Bain Capital have agreed to purchase approximately 68 million Genpact common shares from entities affiliated with GA and Oak Hill Capital for $1 billion, representing approximately 30% of Genpact’s outstanding shares. At the closing, Bain Capital will name four directors to Genpact’s board to replace the current GA and Oak Hill Capital directors. After the transaction, the selling shareholders will in the aggregate own approximately 10% of Genpact’s outstanding shares.
RIL, BP plans to acquire stake in Petronet LNG postponed
Reliance Industries and oil major BP's is planning to acquire stake in a new gas import terminal of Petronet LNG have been grounded under pressure from the oil ministry, according to reports.
Reports stated that Reliance and BP had been negotiating with Petronet for a stake in the upcoming LNG terminal in the Gangavaram port in Andhra Pradesh.
The oil ministry has taken a stern approach towards Reliance after the sharp fall in natural gas output from the KG-D6 field, says report.
Sahara Group acquires New York's Plaza Hotel for $570mn: reports
The Sahara Group has acquired a controlling stake in New York’s landmark Plaza Hotel for $570 mn, according to reports.
Reports stated that luxury hotel overlooking New York’s Central Park, is jointly owned by Elad Properties, an Israeli-owned real estate company, and Saudi-based Kingdom Holdings Co.
Elad, controlled by Israeli businessman Yitzhak Tshuva, said that would receive 1.6 billion shekels for its 60% stake, while Kingdom will receive the rest, report says.
In Focus Stories
ITC hikes stake in Hotel Leelaventure: reports
Diversified business group ITC has increases its holding in Hotel Leelaventure Limited, by acquiring more than 1% through its wholly owned subsidiary, Russell Credit, according to reports.
Reports stated that during the April-June quarter, Russell Credit picked up 1.1% in the hospitality major, taking total stake to 13.98 per cent, while the promoters hold a 56.57%.
ITC had been buying into EIH that runs the Oberoi chain of hotels, since 2000 and has a 14.98% stake, report says.
Lupin plans to acquire brands in US: reports
Lupin is planning to acquire brands and technology firms to increase reach in the US market, according to reports.
Reports stated that the company aims to grow sales by over 20% in the world's most lucrative drug market over the next two years.
Lupin's US formulations revenue grew 22% to Rs 2,530.3 crore during FY12 as compared to Rs 20.79bn in FY11, report says.
Dhunseri buys two tea estates in Africa: reports
Dhunseri Petrochem & Tea Ltd has acquired two tea estates in the Republic of Malawi in southeast Africa, at a consideration of Rs. 1.22bn.
Reports says that the company was in discussions with third parties to acquire tea estates overseas.
Together the estates have a capacity to produce 9.5 million kg (mkg) of tea and 0.5 mkg of macadamia and coffee, report says.
Birla Shloka Edutech acquires 51.1% stake in Ojus Healthcare
Birla Shloka Edutech Limited (BSEL), a Yash Birla group company and a leading player in Educational Services, has announced the acquisition of 51.1% stake in Bengaluru-based Ojus Healthcare Private Ltd.Owing to the majority ownership, Ojus Healthcare has allotted 12,50,000 equity shares and has become a subsidiary of BSEL.
Under the terms of acquisition, the operations of Ojus will be managed jointly by BSEL and Ojus’s promoters. Further, two of BSEL’s personnel (Mr Vijay Mishra and Mr Sunil Abraham) have duly been appointed on the Board of Ojus.
Being in consortium with ITI Ltd (GoI Undertaking), Ojas has been awarded the status of Enrollment Agency by the UIDAI. Presently company is implementing few e-governance projects like UID (Aadhaar project).
The Company also has bagged UID Project from Canara Bank & Bank of India for PAN India operations while discussions are in final stage with IDBI. Presently, Ojus along with BSEL has commenced operations for UID projects in Madhya Pradesh, Kerala and Chhattisgarh.
InMobi acquires Metaflow Solutions
Google acquires Wildfire: reports
Google Inc has acquired marketing start-up Wildfire to help the world's largest Internet search company expand further into social media, according to reports.
Reports stated that Google paid about $250 mn for the business.
Wildfire provides software that links to Facebook Inc, Twitter, LinkedIn Corp, Pinterest and other social networks, allowing customers to manage their online brand and presence, says report.
Sterling Bancorp acquires Universal Mortgage business: reports
Sterling Bancorp has announced that its wholly-owned, New York City-based subsidiary, Sterling National Bank, has acquired the business of Universal Mortgage, Inc., a leading residential mortgage broker in Brooklyn with offices in Brooklyn Heights and Park Slope, according to reports.
The addition of Universal Mortgage has many exciting strategic benefits for Sterling, Louis J. Cappelli, Sterling Bancorp's Chairman and Chief Executive Officer reportedly said.
Universal Mortgage has been a pioneer in providing mortgage financing for home buyers across the vibrant and dynamic neighborhoods of Brooklyn for over 20 years, says reports.
Brookfield Infrastructure to acquire remaining 45% Of AVN Toll Road: reports