Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
ACON Investments-backed New Era, a global lifestyle brand, completed the acquisition of '47, a premium sports lifestyle brand. Financial terms were not disclosed.
"This transaction is an important milestone in the history of both brands as we continue the next chapter of our growth as a premier global sport and lifestyle company. We look forward to leveraging the complementary talent of our combined teams to continue strengthening our customer relationships and licensing partnerships, enhancing our premier products and delivering premium experiences to fans and consumers around the globe," Christopher H. Koch, New Era CEO.
'47 was advised by William Blair & Co, Goodwin Procter and Shorefire Media. New Era was advised by Jefferies & Company, PNC Financial Services, Truist Securities, BCLP, Joele Frank and The Martin Group. Debt financing was provided by Bank of America, Citigroup, JP Morgan, Sumitomo Mitsui Banking Corp and TD Securities.
Almaviva, a private Italian digital innovation group, agreed to acquire Iteris, a technology ecosystem for smart mobility infrastructure management, for $335m.
"This announcement marks an exciting next chapter for Iteris and all of our stakeholders. Iteris has been a pioneer and leader in intelligent transportation systems for more than 15 years and the agreement we reached with Almaviva is a testament to the grit, determination and innovative spirit of our entire team. Almaviva shares our vision for the future of digital mobility and our commitment to excellence. With this transaction, our team will be strongly positioned to continue to innovate and expand the global adoption of our ClearMobility Platform," Joe Bergera, Iteris President and CEO.
Iteris is advised by Morgan Stanley, Latham & Watkins and FGS Global. Almaviva is advised by Ernst & Young, Goldman Sachs, King & Spalding, Legance and Linklaters.
Terramont Infrastructure, a middle market-focused infrastructure investment firm, completed the investment in Long Island Waste Services, a waste management company. Financial terms were not disclosed.
"Terramont has been following the waste management industry very closely for the past few years and we admire the tremendous success LIWS has had in such a short period of time. Anthony and the LIWS team have done an incredible job in transforming LIWS into a state-of-the-art waste management company with the ability to collect and utilize real-time route data in order to efficiently manage all aspects of the business including pricing, transportation and disposal, and personnel safety," Chris Pih, Terramont Partner.
LIWS was advised by ESI Financial and Certilman Balin Adler & Hyman. Terramont was advised by K&L Gates. Debt financing was provided by Comerica Bank, Patriot Capital and Tecum Capital.
RiverStone Group, an insurance services provider, agreed to acquire the North American and Bermuda business of DARAG Group, a legacy insurance group. Financial terms were not disclosed.
"We are thrilled to integrate DARAG's North American team into our dynamic fold. It will bring additional talent to RiverStone's highly experienced teams, support our unparalleled reputation, and continue to build on the success we have each created in the legacy and captive insurance markets," Bob Sampson, RiverStone President.
RiverStone Group is advised by Norton Rose Fulbright. DARAG is advised by Nomura, PJT Partners, RBC Capital Markets and Proskauer Rose.
LS Power, an energy company, agreed to acquire the renewable energy business of Algonquin Power & Utilities, a renewable energy and regulated utility conglomerate, for $2.5bn.
"We are pleased to announce this important transaction with LS Power, which is the result of a highly competitive strategic sale process. This major milestone, coupled with our previously announced agreement to support the sale of our Atlantica shares, delivers on our plan to transform AQN into a pure play regulated utility, optimize our regulated business activities, strengthen our balance sheet, and enhance our quality of earnings. We are confident that our path towards a pure play regulated utility supports our objective to create long term value for our customers and shareholders," Chris Huskilson, Algonquin Power CEO.
LS Power is advised by BMO Capital Markets, Scotiabank and Milbank. Algonquin Power is advised by JP Morgan.
Lindsay Goldberg, a private equity firm, agreed to acquire a majority stake in Golden State Foods, a diversified supplier to the foodservice industry. Financial terms were not disclosed.
"From GSF's beginning, our focus has been the same – make the best products and provide the best service. We have operated true to our vision and strategic objectives over the past nearly eight decades by maintaining the highest standards, pursuing mutual success with our customers and investing in our most valuable asset, our people. Lindsay Goldberg shares our core values and is committed to helping us achieve our long-term objectives, while maintaining our customer-focused approach," Brian Dick, GSF President and CEO.
Golden State Foods is advised by Rothschild & Co and Collected Strategies. Lindsay Goldberg is advised by Harris Williams & Co and Stifel.
WCG, a clinical research solutions provider, completed the acquisition of Array, a content engagement partner for life sciences events, from Lightview Capital, a lower middle market private equity firm. Financial terms were not disclosed.
"The clinical research industry faces significant challenges in providing top-notch training for sites and investigators. The integration of Array into the WCG ClinSphere™ technology platform enables a more comprehensive training solution. The combined solution of Array and WCG's InvestigatorSpace uniquely caters to individual needs via synchronous and asynchronous training methods while utilizing real-time data and insights to optimize engagement and outcomes," Sam Srivastava, WCG CEO.
Lightview was advised by Madison Park Group, Union Square Advisors and DLA Piper.
Pelican Energy, a private equity firm, completed the acquisition of Electrical Builders Industries, a service provider specializing in solutions for system-critical electrical bus duct installation, replacement, and repair. Financial terms were not disclosed.
"We look forward to the partnership with EBI and its CEO Jessica Netter. This partnership reflects Pelican's commitment to investing in market-leading nuclear energy service providers and growing the capacity of the nuclear supply chain. We are especially excited about the role EBI will play in expanding baseload power generation to support the significant energy supply needs for data centre facilities," Paul Ernster, Pelican Vice President.
EBI was advised by Taft Stettinius & Hollister. Pelican Energy was advised by Locke Lord.
SIXGEN, a full-spectrum provider of cyber products, operations, and solutions, completed the acquisition of Boldend, a developer of cyber and electronic warfare solutions. Financial terms were not disclosed.
"I am incredibly excited to welcome Mike Barry and the entire Boldend team to SIXGEN. Boldend brings a dynamic team of individuals possessing exceptional mission experience and an unrivaled portfolio of solutions that are integral to SIXGEN's growth objectives and amplifies our product roadmaps. Boldend's curated and highly mission-centric IP strengthens our ability to address the needs of our partners and customers," Jack Wilmer, SIXGEN CEO.
Boldend was advised by Cooley. SIXGEN was advised by Morrison & Foerster.
Exiger, a supply chain and third-party risk AI company, completed the acquisition of XSB, a logistics intelligence solutions provider. Financial terms were not disclosed.
"This acquisition is in response to a growing number of customers who are eager to bring the power of AI to pain points like depot maintenance, category management, parts obsolescence, parts alternatives, price defensibility, and supply chain optimization, and want to be able to access these capabilities within Exiger's centralized platform. XSB's dataset and cutting-edge AI capabilities will help our government customers increase speed, efficiency and execution, while reducing counterfeit loss, manufacturing costs, research time and the impact of out-of-date parts," Carrie Wibben, Exiger President.
Exiger was advised by Union Square Advisors and Sidley Austin.
Abu Dhabi wealth fund ADQ and Sotheby's majority owner Patrick Drahi, agreed to invest $1bn in Sotheby's, an auction house.
"We are delighted to welcome ADQ as a shareholder to Sotheby's. We embrace their long-term vision of our business, and this investment is a testament to what we have achieved so far as well as our significant potential for future growth. The additional capital and investment expertise will enable us to accelerate our strategic initiatives, expand our commitment to excellence in the art and luxury markets, and continue to innovate to better serve our clients around the world," Charles F. Stewart, Sotheby's CEO.
Khosla Ventures, Mayfield Fund, two venture capital firms, and Param Hansa Values, Dheeraj Pandey's family office, led a $100m Series A round in DevRev, an AI-native platform that unifies customer support and product development.
"AI will transform enterprise customer support and product teams, changing the way companies do business globally. Having backed Dheeraj at Nutanix, and now at DevRev, he is one of the few people in the industry who can leverage foundation models and weave them together with enterprise architectures, customer collaboration, and monetization," Vinod Khosla, Khosla Ventures Founder.
DevRev was advised by VSC.
Consello Capital, a private equity firm, completed the acquisition of EHE Health, a provider of employee health and lifestyle management services. Financial terms were not disclosed.
"We are thrilled to partner with Consello Capital for the next phase of our company's journey. Consello brings a powerful mix of capital, an experienced investment team well-versed in scaling enterprises and a significant professional network that will unlock business development opportunities for us," Chris Bird, EHE Health CEO.
EHE Health was advised by Houlihan Lokey.
Fulcrum IT Partners, an international IT solutions provider, agreed to acquire Fortress SRM, the cybersecurity division of MCPC. Financial terms were not disclosed.
"Our acquisition of Fortress will mark a pivotal moment for Fulcrum, our customers, and vendor partners as we bolster our cybersecurity offerings and advance our verticalized AI-driven platforms. We are excited to welcome the talented team from Fortress and look forward to integrating their expertise to further enhance our customers' insurability and security posture," Kyle Lanzinger, Fulcrum IT Partners President.
Five9, an Intelligent CX Platform provider, agreed to acquire Acqueon, a real-time revenue execution platform. Financial terms were not disclosed.
"Today's customers have become more sophisticated and have higher demands, and this strategic acquisition enables Five9 to expand the strength of our outbound solutions, which we pioneered from our inception. Together with Acqueon, we can intelligently combine the preferences of the customer with the increasing variety of outreach channels to help enterprises grow their revenue and delight customers, while aligning to compliance standards. Furthermore, the interactions generated within Acqueon create additional contextual data that further strengthens the value of the Five9 Genius AI Suite. I'm thrilled to welcome the Acqueon team to Five9 and look forward to taking proactive customer engagement to a new level," Mike Burkland, Five9 Chairman and CEO.
GT Capital, a real estate holding company, Freestone Capital, a wealth advisory and asset management firm, and Evergreen Gavekal, an independent investment advisor, completed the acquisition of Smith Tower and Butler Garage, two historic architectures. Financial terms were not disclosed.
"This investment is a testament to our core belief that the future of the City of Seattle, along with the people who live and work here is very bright. Over the past few months, we've witnessed a positive shift in leasing momentum and believe it will continue as business leaders encourage in-person employee collaboration and the City officials prioritize public safety as a critical component to downtown Seattle's recovery," Joe Razore, GT Capital Founding Principal.
Wipro Infrastructure Engineering, an industrial engineering company, completed the acquisition of Columbus Hydraulics, a hydraulic equipment supplier. Financial terms were not disclosed.
"As a leading independent hydraulic cylinder manufacturer, Wipro Hydraulics has established a significant presence in all growth markets. This acquisition strengthens our position and enhances our manufacturing capabilities in North America. By integrating Columbus Hydraulics' expertise in customized hydraulic solutions, we aim to provide even more comprehensive offerings to our customers," Pratik Kumar, Wipro Infrastructure Engineering CEO.
Meritage Group explores a $7bn sale of Les Schwab Tire. (FS)
The investment firm that owns Les Schwab Tire Centers is exploring options including a sale of the tire retail chain that could value it at more than $7bn, including debt.
Meritage Group has tapped investment bankers at Goldman Sachs to launch a sale process for Les Schwab Tire that is expected to garner interest from private equity firms and other tire retailers. Les Schwab Tire could command a valuation equivalent to around 15 times its earnings before interest, taxes, depreciation and amortization of about $500m, Reuters reported.
Activist Starboard Value takes stake in Starbucks. (FS)
Activist investor Starboard Value has a stake in Starbucks and wants the coffee giant to take steps to boost its stock price. The size of the hedge fund's stake and its exact demands couldn't be learned.
Starboard's arrival comes as Starbucks is in talks to strike a settlement agreement with another activist, Elliott Investment Management. If Elliott doesn't gain representation on Starbucks's board, it is possible the activist will pivot to launching a proxy battle for board seats. It's not clear whether or not Starboard could also eye a seat in the boardroom, WSJ reported.
YPF moves to sell units as it ramps up divestments in shale push.
Argentina's state-run oil company, YPF, is moving to sell several business units and stakes as a divestment plan aimed at focusing its efforts on heralded shale patch Vaca Muerta gathers steam. YPF is receiving bids for its businesses in Brazil and Chile, where it sells refined products like lubricants and jet fuel, Chief Executive Officer Horacio Marín.
Argentina's biggest oil and gas producer has also started the process of selling its 50% stake in refiner Refinor. And it is committed to divesting a 70% stake in natural gas distributor Metrogas — but only once President Javier Milei's free-market reforms, which feature utility price hikes, have driven up Metrogas' value, Bloomberg reported.
WeRide seeks up to $440m in US IPO.
WeRide, a Chinese self-driving automotive company, is seeking to raise as much as $440m in a US initial public offering and concurrent private placement.
The Guangzhou-based autonomous vehicle company, which was granted approval last year by the Chinese securities regulator for a US listing, is offering 6.45m American depositary shares at $15.50 to $18.50 each, according to a US Securities and Exchange Commission filing.
A group of investors agreed to buy $320.5m worth of ordinary shares via private placements, the filing shows. Alliance Ventures, the venture capital fund of the Renault-Nissan-Mitsubishi Alliance and an existing WeRide backer, is set to purchase $97m worth of shares, according to the filing. WeRide's offering is being led by Morgan Stanley, JP Morgan and China International Capital, Bloomberg reported.
Stephen Stewart joins Barclays as Head of M&A Execution for Canada. (People)
Barclays announced the hire of Stephen Stewart as Head of M&A Execution for Canada. Mr. Stewart is based in Toronto, and dually reports to Ryan Voegeli, Head of Investment Banking for Canada, and Dan Grabos, Head of Americas M&A. Mr. Stewart is responsible for the leadership of the Canadian M&A Investment Banking business.
Mr. Stewart has over 15 years of investment banking experience, and joined Barclays from TD Securities, where most recently he was a Managing Director, M&A.
Evercore hires Goldman banker Kamo for private equity dealmaking. (People)
Investment bank Evercore has hired a top Goldman Sachs dealmaker as a senior managing director to help drive its coverage of private equity firms and alternative asset managers.
David Kamo, who was named global head of dealmaking for financial sponsors at Goldman last year, will join Evercore in the coming months after a period of gardening leave. Over the past year, Evercore has hired several top dealmakers from rivals in its push to win more business from large corporates and private equity firms, amid a slowdown in dealmaking activity, Reuters reported.
EMEA
Britain's largest investment platform Hargreaves Lansdown agreed to a $6.9bn takeover by an international consortium comprising of CVC Capital Partners, Abu Dhabi's sovereign wealth fund and Swedish private equity firm Nordic Capital.
"HL is on an important journey to transform the saving and investing experience for clients and make it easy to save and invest for a better future. While the Independent HL Board has been pleased with the progress made by the new management team, the Independent HL Board believes that the Cash Offer represents an attractive opportunity for HL Shareholders to realise an immediate and certain cash value for their investment at a level which may not be achievable until the execution of the strategy is delivered over the medium to longer term, and therefore intends to unanimously recommend HL Shareholders vote to approve it. We are pleased to see that the Consortium is aligned that HL has an important purpose making it easy for the UK consumer to save and invest for a better future," Alison Platt, Hargreaves Lansdown Chairman.
Hargreaves Lansdown is advised by Barclays (led by Alisdair Gayne and Adrian Beidas), Deutsche Numis (led by Charles Farquhar, Daniel Werchola and Derek Shakespeare), Fenchurch Advisory Partners (led by Kunal Gandhi, Rob Williams, Graham Marchant and Josh Needham), Morgan Stanley (led by Gillian Sheldon, Ben Grindley, Adrian Doyle and Nishil Bhagani), Freshfields Bruckhaus Deringer (led by Stephen Hewes and Claire Wills) and Brunswick Group (led by Nick Cosgrove and Joanna Donne). ADIA is advised by Goldman Sachs (led by Mark Sorrell, Nick Harper and James Lucas) and Linklaters. CVC Capital is advised by Latham & Watkins and FGS Global (led by Guy Lamming, Mike Turner and Anjali Unnikrishnan). Nordic Capital is advised by Kirkland & Ellis.
Technology solutions provider JBT shareholders voted to approve the issuance of shares of JBT common stock in connection with JBT's pending combination with Marel, a multi-national food processing company, for €3.4bn ($3.7bn).
"We are pleased with the outcome of today's special meeting and extend our appreciation to our shareholders for supporting the combination with Marel. Today's shareholder approval marks another major milestone in the process to combine our two complementary food and beverage solutions businesses. The compelling industrial logic of this transaction is expected to generate meaningful benefits for our customers, employees, shareholders and other stakeholders, and the JBT and Marel teams are beginning integration planning to ensure alignment and day one readiness," Brian Deck, JBT President and CEO.
EQT, a private equity firm, agreed to acquire a 80% stake in the Ground Station Infrastructure business of Eutelsat Group, a satellite communications company, in a Є790m ($863m) deal.
"We are proud to become the first satellite operator to embark on this innovative transaction which would allow us to build on the model adopted in other industries, and to optimise the value of our extensive ground network. In EQT we have found a partner of the highest quality, who shares our vision. This transaction would represent a win-win situation for all parties, and would enable Eutelsat to strengthen its financial profile, whilst continuing to rely on the unparalleled quality and reliability of its ground infrastructure. Moreover, we are confident that with the backing of EQT, the business would be in a position to fully embrace the opportunities opening up to it as the new global leader in this dynamic sector," Eva Berneke, Eutelsat Group CEO.
EQT is advised by Boston Consulting Group, KPMG, Rothschild & Co, A&O Shearman, Paul Weiss Rifkind Wharton & Garrison and NovaSpace.
ArcelorMittal, a multinational steel manufacturing corporation, completed the acquisition of a 28.4% stake in Vallourec, a global company in premium tubular solutions primarily serving the energy markets, from Apollo Global Management, an alternative investment manager, for €955m ($1bn).
"Vallourec is well established as a producer of high-quality tubular products, holding a prime position in an attractive market segment that has potential for growth from new, clean energy markets. The strategic stake is a welcome addition to our investment portfolio, and we look forward to supporting Vallourec's management team in their efforts to drive further performance improvement. It also supports our ongoing efforts to grow our business. These initiatives will significantly strengthen our business, expanding our product capabilities and emerging markets exposure while enhancing our earnings capacity," Aditya Mittal, ArcelorMittal CEO.
EQT, a private equity firm, agreed to acquire a majority stake in Acronis, an IT solutions vendor for managed service providers. Financial terms were not disclosed.
"We are thrilled to have EQT as a major shareholder to support our strategic expansion and share our vision for growth. We would like to thank our existing investors for their support to date and are pleased that many will remain invested as we move forward. But most of all, I'd like to thank the Acronis team for their work in getting us to this stage," Ezequiel Steiner, Acronis CEO.
Acronis was advised by Deutsche Bank and Willkie Farr & Gallagher. EQT was advised by Bar & Karrer, Milbank and Kekst CNC.
Recursion Pharmaceuticals, a biotech firm which uses artificial intelligence to discover new drug candidates to acquire Exscientia, a technology-driven drug design and development company, for $688m.
"We believe the proposed combination is deeply complementary and aligned with our missions to industrialize drug discovery to deliver high quality medicines and lower prices for consumers. Exscientia's precision chemistry tools and capabilities, including its newly commissioned automated small molecule synthesis platform, will augment our tech-enabled biology and chemistry exploration, hit discovery and translational capabilities. I am excited to continue building the best example of the next generation of biotechnology companies. It still feels like we are just getting started," Chris Gibson, Recursion Co-Founder and CEO.
Exscientia is advised by Centerview Partners and A&O Shearman. Recursion Pharmaceuticals is advised by Allen & Company and Wilson Sonsini Goodrich & Rosati.
Private equity firms Vauban Infrastructure Partners, EDF Invest and MEAG, agreed to acquire the Austrian business of Cellnex Telecom, a telecommunication services provider, for €803m ($876m).
"The sale of our business in Austria is one further step within the company's 'Next Chapter', in line with our strategy, to achieve the goal of consolidating, simplifying our corporate structure and focusing our efforts in the existing growth opportunities in the main markets in which we operate. It will also allow us to move forward on two other strategic objectives such as the focus on the balance sheet and shareholder remuneration, thus fulfilling our commitments to the market," Marco Patuano, Cellnex CEO.
Cellnex is advised by Deutsche Bank, Mediobanca, Clifford Chance and Wolf Theiss.
NLB announces it has obtained all required regulatory and supervisory approvals in relation to the completion of the transaction contemplated in the sale and purchase agreement to acquire a 100% shareholding in Summit Leasing Slovenija from funds managed by affiliates of Apollo Global Management and the European Bank for Reconstruction and Development.
"On behalf of the NLB Management Board and the whole team working intensively on this project, I would like to express our deepest gratitude and respect to all regulatory bodies involved in the process, therefore HANFA and AVK agencies, as well as the Bank of Slovenia and European Central Bank for their highly efficient and professional decision taking. Acquisitions of market leading franchises are always challenging; therefore, we genuinely appreciate their diligence, transparency and constructive attitude, resulting in the positive outcome for NLB Group and Summit Leasing's underlying business and talents," Blaž Brodnjak, NLB CEO.
NLB is advised by Deloitte, Kavčič Bračun & Partner and Kinstellar. Apollo Global is advised by UniCredit and Wolf Theiss.
Vista is weighing a $2bn sale of Finastra's capital markets division. (FS)
Billionaire Robert F. Smith's Vista Equity Partners is weighing a sale of one of the divisions inside the fintech behemoth Finastra.
The buyout fund has held early discussions about a potential sale of Finastra's TCM business with advisers and may kick off the process later this year. Vista is hoping to fetch a valuation of at least $2bn for the business.
The TCM unit could ultimately attract other financial software firms, stock exchanges and financial institutions. Considerations are at an early stage and Vista could still decide against doing a deal, Bloomberg reported.
Brookfield is considering a stake sale in Data4's mature assets. FS)
Brookfield Asset Management is weighing a minority stake sale in some of the assets of French data center operator Data4 Group.
Brookfield is working with Citigroup on seeking investors for Data4's so-called stabilized assets, which refer to fully-constructed data centers with high and stable tenancy rates. The stabilized asset portfolio has a valuation of more than €3.5bn ($3.8bn). Initial bids are expected in September, Bloomberg reported.
RedBird IMI whittles down shortlist for Telegraph sale. (FS)
Mediahuis, the European media group, is expected to fall out of the auction to acquire the Telegraph newspaper as RedBird IMI whittles down a shortlist of potential buyers for the next round of bidding.
The bid from Mediahuis, the Belgium-based media organisation that owns the Irish Independent and De Telegraaf, is unlikely to proceed to the second round of the process. Other potential buyers, including ad executive Lord Maurice Saatchi, have also fallen short of the valuation put on the newspaper by RedBird IMI, which wants to at least recoup its money from its now blocked $765m takeover of the Telegraph and Spectator magazine.
Saatchi's bid of $446m plus performance-based payments was significantly below the over $638m target. Despite the exit of several prominent bidders, RedBird IMI remains confident in covering costs and potentially making a profit. National World and hedge fund boss Paul Marshall are still in the running, along with at least two other overseas investment groups, FT reported.
Bridgepoint said to explore takeover bid for Esker. (FS)
Bridgepoint is considering a bid to take over Paris-listed software provider Esker.
The UK private equity firm has been working with advisers on a potential offer. Deliberations are ongoing and may not result in a transaction, Bloomberg reported.
Partners Group weighs a $7.6bn IPO of Techem. (FS)
Partners Group is considering a launch of the initial public offering of German metering company Techem Energy Services as soon as September.
The Swiss buyout firm has been working with its advisers and has sounded out investors on the potential listing of Techem in Frankfurt. Partners could seek a valuation in excess of €7bn ($7.6bn) for the German firm in an IPO.
Partners has been weighing options for its majority stake in Techem after it received a binding offer from TPG, which became one of the main remaining bidders after KKR dropped out. The private equity firm hasn't completely scrapped its plans on an outright sale and could still identify a buyer for the business. The company plans to make a final decision in the coming weeks and details could still change, Bloomberg reported.
APAC
Nobl Q, a global AI- and cloud-based solutions provider, completed the acquisition of Propel, a software developer that specializes in advanced technology solutions. Financial terms were not disclosed.
"We are excited to welcome Propel into the Nobl Q family. Just as grammar is the backbone of literature, ensuring its integrity and clarity, the culture at Propel embodies the essence for successful software development. This acquisition is a significant milestone in our mission to deliver innovative and impactful technology solutions. Propel's business focus, expertise in software development, and their commitment to excellence align perfectly with our vision and, together, we will drive transformative change for our clients," Caldwell Velnambi, Nobl Q CEO and Founder.
Mahindra and Shaanxi Automobile Group propose a $3bn joint venture in India.
Indian automaker Mahindra & Mahindra and China's Shaanxi Automobile Group have agreed to set up a $3bn joint venture to build a car manufacturing plant in India and are awaiting New Delhi's approval.
A majority stake in the proposed manufacturing venture will be owned by Mahindra, and is proposed to be set up in Prime Minister Narendra Modi's home state of Gujarat. The proposal includes building an export-oriented, integrated manufacture hub for assembled cars - known as completely built-up units - as well as engines and car batteries.
News weighs possible sale of Australian TV business Foxtel.
News is assessing a possible sale of its Australian pay-television and streaming business Foxtel Group after receiving buyer interest, Bloomberg reported.
"We had no imminent intent to sell Foxtel, but are reviewing potential strategic and financial options for the business with our advisers and engaging with third-parties in light of that external interest," Robert Thomson, News CEO.
|
