Tag: acquire

Shares of L&T Technologies Services (LTTS) dipped 5.5 percent to Rs 3,441 on the BSE in Friday’s intra-day trade after the company informed the stock exchanges that it agreed to acquire the Smart World & Communications business (SWC) of its parent company Larsen & Toubro (L&T) which was founded in 2016 to cater to the demands in smart cities, smart utilities, and digital infrastructure. by way of a slump sale for a consideration of Rs 800 crore. The acquisition will be completed in three months, subject to satisfaction of conditions precedent identified under the agreement. According to LTTS, SWC business generated Rs 1,098 crore in annual revenue for FY 2021-22. SWC is an intelligence solution provider operating in three segments – communications, safe and smart solutions, and cybersecurity. With the acquisition, LTTS plans to combine synergies and take offerings in next-gen communications, sustainable spaces, and cybersecurity to the global market. Read more

Shares of Gland Pharma slipped 5 percent to Rs 1,787.55 on the BSE in Wednesday's intra-day trade after the company entered into a Put Option Agreement to acquire 100 percent of Cenexi Group for an equity value not exceeding Euro 120 million (Enterprise Value of Euro 230 million). The acquisition would provide the company with the technical know-how in sterile forms, including ophthalmic gel, needleless injectors, and hormones said, analysts. As the acquisition fulfills the need for a local presence to gain business in European markets, it is looked at in a positive light by analysts. The acquisition will be funded through internal accruals. Commenting on the deal, Srinivas Sadu, Managing Director and CEO of Gland Pharma, said during an analyst call earlier in the day: “Thanks to this deal, Gland would become one of the largest players in the CDMO space. This acquisition will not only help expand footprint but also accelerate product portfolio in the European market. Read more

TVS Motor Company has acquired a 75 percent stake in the Swiss e-Mobility Group (SEMG) for $100 million (about Rs 752 crore). TVS Motor plans to buy the remaining 25% stake by next year. The acquisition has been made in an all-cash deal through TVS Motor’s Singapore Subsidiary, TVS Motor (Singapore) Pte. This is the company’s second acquisition in Switzerland in the e-mobility space during the current financial year, after buying 80 percent in EGO Movement for $17.9 million in September 2021. In a statement, the company said, the acquisition reaffirms TVS Motor Company’s commitment to expansion in Europe through a portfolio of premium and technology leading brands, including Norton Motorcycles and EGO Movement, which were recently acquired.“This acquisition furthers TVS Motor’s commitment towards e-personal mobility products. He further said that the acquisition will help strengthen the firm's commitment to environmental sustainability. Read more

Shares of Indian drugmaker Laurus Labs rose 5 per cent to Rs 298.80 on the BSE on Thursday after the company said it has signed definitive agreement to acquire a 72.55 per cent stake in Bengaluru-based Richcore Lifesciences from Eight Roads Ventures and VenturEast Pvt Ltd for ₹247 crores. Richcore, a biotech company based in Bengaluru, with advanced R&D and manufacturing facilities, develops products critical for biological drugs. Richcore also helps its global customers develop and scale-up their bioprocesses by providing contract research, development, and manufacturing services.“This acquisition marks Laurus Labs’ entry into the broader biologics and biotechnology segments, providing the company access to its high growth areas, globally and in India," Laurus Labs said. With this acquisition, Laurus adds a fourth revenue stream to its three existing divisions — API, formulations and synthesis. Read more

IT major Infosys said on Thursday that it will acquire US-based analytics company Blue Acorn iCi for up to $125 million. In a regulatory filing, Infosys said that the move further strengthens its end-to-end customer experience offerings and demonstrates its continued commitment to helping clients navigate their digital transformation journey. Blue Acorn iCi brings to Infosys significant cross-technology capabilities through the convergence of customer experience, digital commerce, analytics, and experience-driven commerce services, it said. It also said that the cost of acquisition would be up to $125 million including management incentives and bonuses. The acquisition is expected to close during the third quarter of FY 2021, subject to customary closing conditions."The Blue Acorn iCi acquisition is another important turning point in Infosys' journey to build capabilities relevant to the digital importance of our clients and assert our commitment to the Adobe ecosystem. Read more

Fast-moving consumer goods (FMCG) major ITC shares gained 4.6 per cent to Rs 194.95 per share on the BSE on Tuesday after the company reported it had entered into an agreement with the spice major Sunrise Foods to acquire a 100 per cent stake in the company.ITC has entered into a share purchase agreement (SPA) on May 23, 2020, to acquire 100 per cent of the equity share capital of Sunrise Foods Private Limited (SFPL), a company primarily engaged in the business of spices under the trademark ‘Sunrise’, subject to fulfilment of various terms and conditions as specified in the SPA, as per company release. The share-purchase agreement was completed after the lockdown was enforced and the final deal is likely to be signed soon. ITC didn’t comment on the deal size, but sources estimated it at close to Rs 2,000 crore. Read more