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Deals Buzz: Birla Sun Life, Max Life initiate merger talks

LiveMint logoLiveMint 21-09-2017 Kavya Kothiyal

Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.

Tata Steel, Thyssenkrupp to merge European units

German steelmaker Thyssenkrupp AG and Tata Steel Ltd have agreed to merge their European steel operations to create the continent’s second-biggest maker of the alloy, concluding one-and-a-half years of tortuous negotiations, reports Mint.The deal will not involve any cash, Tata Steel said. Both groups will contribute debt and liabilities to achieve an equal shareholding and remain long-term investors. Read more

Mahindra acquires tractor company in Turkey for Rs800 crore

Mahindra and Mahindra Ltd on Wednesday said it has acquired Erkunt Traktor Sanayii AS, a Turkish tractor maker and its foundry business for Rs800 crore through Mahindra Overseas Investment Co.(Mauritius) Ltd, reports Mint.The buyout will provide the company access to Turkish agricultural machinery market, the fourth largest globally, and help the Mumbai-based firm enhance its product portfolio. Read more

Securonix raises $29 million from Volition Capital, Eight Roads Ventures

Securonix, a security intelligence services provider, on Wednesday said it has raised $29 million in a series A round of funding led by Volition Capital, a Boston-based growth equity firm, reports Mint. Eight Roads Ventures, the investment arm of Fidelity International Ltd, also participated in the round, Securonix said in a statement. Read more

Yatra raises Rs100 crore venture debt from InnoVen Capital

InnoVen Capital, backed by Singapore’s Temasek, has provided Rs100 crore ($15.4 million) to Nasdaq-listed online travel company Yatra in India’s largest venture debt transaction yet, reports Mint, citing a senior executive at the investment company. This is InnoVen’s second funding to Yatra. The venture debt provider had previously extended $4 million to Yatra in 2013. Read more

Prince Pipes plans to take IPO route to raise Rs800 crore

Prince Pipes and Fittings, India’s third-largest PVC pipes manufacturer, is planning to raise about Rs800 crore through an initial public offer (IPO) and will be filing a draft red-herring prospectus (DRHP) with the markets regulator shortly, according to bankers, reports Economic Times. Read more

Birla Sun Life, Max Life initiate merger talks

Analjit Singh-led Max Financial Services is in talks with Aditya Birla Group to explore a merger of their life insurance businesses, Birla Sun Life and Max Life Insurance, with the aim to create one of the top three private life insurers in the country, reports Economic Times, citing multiple sources aware of the discussions. Read more

Jaypee Infra may raise up to Rs2,000 crore

Lenders to Jaypee Infratech and the insolvency resolution professional (IRP) are looking to raise around Rs2,000 crore from investors in what may be the first step towards starting work to complete projects, where over 25,000 flat buyers are stuck for seven to eight years. Sources told Times of India that the issue was discussed at the first meeting of the committee of creditors on Tuesday, where IRP Anuj Jain was authorised to invite bids from entities with a net worth of over Rs2,000 crore. Read more

Google buys HTC engineers for $1.1 billion to aid hardware push

Google has agreed to buy part of HTC Corp.’s engineering and design teams for $1.1 billion to bolster the US internet giant’s nascent hardware business, reports Bloomberg. Alphabet Inc.’s Google is getting a team of employees that’ve worked on its Pixel smartphone for Google. The deal comes with a non-exclusive licensing agreement for HTC intellectual property, the companies said in a statement. Read more

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