Payments firm PhonePe buys Zopper Retail

Payments company PhonePe on Monday said it has bought the point-of-sale (PoS) business of Zopper, a hyperlocal mobile marketplace for small and medium-sized businesses. The acquisition, which is part of a broader strategy to ramp up its offline business, comes months after PhonePe launched its own point-of-sale device for small merchants. As part of the deal, Zopper founder and chief executive officer Neeraj Jain will join PhonePe, heading its offline merchants business. Zopper Retail, which is the PoS arm of Zopper, currently counts several million small and medium-sized businesses as customers on its platform. “Zopper has a very strong technology and innovation DNA, and Neeraj and team are also a great culture fit for PhonePe. Zopper Retail is specifically designed to meet the needs of millions of small retailers in India, and their strategy ties in very well with our overall vision of making digital payments universally accepted across the country,” said Sameer Nigam, co-founder and CEO, PhonePe Internet Pvt. Ltd, now owned by Flipkart. The terms of the deal were not disclosed. Zopper, which was founded by Surjendu Kuila and Jain, counts the likes of Tiger Global Management, Nirvana Ventures Advisors and Blume Ventures as investors. Over the past 6-12 months, PhonePe has been aggressively expanding its offline merchant network, as part of a broader goal of establishing itself as the pre-eminent digital payments brand across the country.…
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Aurobindo acquires Apotex Inc’s biz in 5 European countries for 74 mn euros

Hyderabad’s Aurobindo Pharma has signed a definitive agreement to acquire Canadian pharmaceuticals company Apotex International Inc’s commercial operations and certain supporting infrastructure in five European countries for €74 million (Rs 5.93 bn) in an all-cash deal. The acquisition will extend and diversify Aurobindo’s European product portfolio by adding over 200 generics and more than 80 over-the-counter products that had total sales of 133 million euros in the year ending March 2018. Aurobindo clocked a sales of €577 million in Europe last fiscal. The Hyderabad-based company, in fact, led the pack amongst Indian pharma majors with a 33 per cent year-on-year rise in sales in EU market last financial year. V Muralidharan, senior vice-president of European operations for Aurobindo, said, “This acquisition is a key step towards our goal of becoming one of the leading generics companies in Europe.” Although some of these businesses are currently loss-making, Aurobindo “expects them to return to profitability when combined with its vertically integrated platform and existing commercial infrastructure”. Aurobindo’s step-down subsidiary, Agile Pharma B V (Netherlands) has signed a definitive agreement with Canadian pharmaceuticals company Apotex International Inc. The company expects to close the deal in three-six months. The acquisition includes a portfolio of over 200 prescription drugs and 88 OTC products and an additional pipeline of over 20 products, which are expected to be launched over the next two years.…
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LIC board approves acquiring 51% stake in IDBI Bank through preferential share allotment

Life Insurance Corporation of India board on Monday gave its approval to buy 51 per cent stake in debt-ridden public sector lender IDBI Bank Ltd. Department of Economic Affairs Secretary Subhash Chandra Garg, who was also a part of the LIC board representing government, told media persons that the since the bank needs funds, the LIC would choose preferential share route to increase its stake. Experts say LIC could get at least four seats in the IDBI Bank board. Currently, the government holds 81 per cent stake in IDBI Bank. Garg also said that since the combined shareholding of both the government and LIC would be over 90 per cent, and that public shareholding is too low, an open offer might not be on the cards. He, however, clarified that LIC could make an open offer if needed. The deal would now have to be approved by both the Cabinet as well as the IDBI Bank board. Experts say there might not be an open offer, and acquisition, as Garg said, would happen by issuing preferential shares. According to the takeover plan approved by the Insurance Regulatory and Development Authority (IRDA), the state-owned insurance company would not have any management control over the state-owned bank.…
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Singapore’s Symple Wellness Platform Acquires Pune-based AllizHealth, Rebrands to ‘Vivant’

Singapore based Health Tech startup Symple Wellness Platform (“SWP”), has acquired Pune-based AllizHealth (“AIH”), a wellness & health analytics platform for an undisclosed sum. AIH will be rebranded to “Vivant”, SWP’s operating brand. The acquisition dramatically speeds up Vivant’s expansion into the India market and brings with it a robust technology architecture, a strong operating team of almost 40 people across various functions, and close to 750,000 end customers. Three AIH Co-Founders will continue with Vivant: Chinmoy Mishra as Chief Business Development Officer, Dr. Rasmi Mishra as Chief Product Innovation Officer & Gaurav Vij as Chief Technology Officer. The combined platform will provide a comprehensive digital health offering with over 6,500 partners with strengths across the care spectrum to empower individuals to engage with their health to get healthy, stay healthy or manage disease. The platform will also deliver solutions emphasising maternal health, menstrual health, diabetes, orthopaedics, cardiovascular, child nutrition and elder care. Customers will also have access to Vivant’s Advisory Board, which includes internationally and nationally recognized experts across key fields that impact individual and community wellbeing. Anupa Naik, CEO of Vivant, said, “This acquisition brings with it an outstanding team and technology capabilities that will strengthen our ability to help customers engage with their health meaningfully and productively.…
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Amazon Pay Receives $33.5 Mn Funding Boost From Its Parent Entity

Amazon has invested $33.5 Mn (INR 230 Cr) in its digital payments arm Amazon Pay. The funds came from Singapore-based Amazon Corporate Holdings and Amazon.com.incs, as per RoC filings. The latest fundraise comes just three months after an infusion of $30 Mn in March 2018. At that time, Amazon Pay India head Mahendra Nerurkar had said that the company would continue to invest aggressively in its digital payments arm over the next several months. With the latest funding, Amazon is looking to increase traction on Amazon Pay with cashback offers for shopping on its site. During Prime Day sale, which kicked off on July 16, Amazon is offering cashbacks of INR 300. Also, on eve of its fifth anniversary last month, it offered INR 250 cash back to customers. This shows the aggressiveness with which Amazon is aiming to penetrate the Indian market while competing with local digital payment biggies like Flipkart’s PhonePe and Paytm. Amazon is also looking to push Amazon Pay beyond its platform to third-party online merchants as well as to offline touchpoints. (Credit: Inc42)…
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Sony Music Entertainment/Legacy Recordings sign exclusive distribution deal with Prince Estate

Sony Music Entertainment and the Estate of Prince Rogers Nelson have inked an exclusive distribution agreement covering 35 essential previously released album titles frso nom the Prince catalog. The Prince catalog covered under the new agreement will be distributed by Legacy Recordings, a division of SME, with worldwide rights beginning immediately to 19 previously released album titles (originally released between 1995-2010). The list of album titles includes The Gold Experience (1995), Emancipation (1996), Rave Un2 The Joy Fantastic (1999), The Rainbow Children (2001) and 3121 (2006), as well as titles originally distributed by Sony including Musicology (2004) and Planet Earth (2007). Additional album titles from the 2014-2015 era will also be distributed with worldwide rights under the deal in the future. In addition to the album titles from the 1995-2010 era, the agreement also includes rights to other previously released material recorded post-1995 including singles, b-sides, remixes, non-album tracks, live recordings and music videos. Starting in 2021, Sony/Legacy’s distribution rights will be expanded to include 12 Prince non-sound track catalogue albums, featuring iconic music recorded by the artist from the 1978-1996 era for distribution in the United States. Music from this period covered under the agreement includes the highly renowned albums Prince (1979), Dirty Mind(1980), Controversy (1981), 1999 (1982), Around The World In A Day (1985), Sign ‘O’ The Times (1987), Lovesexy (1988), Diamonds and Pearls (1991) and [Love Symbol](1992) as well as hit singles 1999, Little Red Corvette, I Wanna Be Your Lover, Raspberry Beret and much more.…
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Radio One, Radio Nasha and Fever FM join forces

The big news is that HT Media’s Fever FM, Radio Nasha and Next MediaWorks Ltd’s Radio One are in talks of merging for a bigger platform. Radio One, Fever FM and Radio Nasha owners announced the proposal of merging the two ventures. This will result in a larger combined metro play, subject to the approval of shareholders, legal bodies and the Ministry of Information and Broadcasting. Hindustan Times Media (HT Media) owns Radio Nasha and Fever FM that consists of retro content and contemporary radio station (CRS) respectively. But, Radio One purely has an international format with English content. The merging proposal will offer enhanced value for listeners and advertisers by offering them clearly segmented high-value products. Seven stations of Fever FM + Radio Nasha (Delhi-2, Mumbai-2, Bangalore, Kolkata and Chennai) and all six stations of Radio One (Delhi, Mumbai, Bangalore, Kolkata, Chennai and Pune) will aim to come together in the proposed merged entity. HT Media and Next MediaWorks Ltd’s radio stations will currently work independently. The merging procedure and approvals will take some time as the companies have taken a time-frame of 12 to 18 months. Once the merger has all the requisite approvals, HT Media and its shareholders will hold 74 per cent and Next MediaWorks Ltd’s shareholders will hold 26 per cent in the merged entity.…
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UDG Healthcare Buys US-based Create NYC, SmartAnalyst For $82.4 Mln

Shares of UDG Healthcare Plc (UDG.L) were gaining around 2 percent after the healthcare services provider announced Tuesday the acquisition of Create NYC and SmartAnalyst, both related to healthcare market, for a combined consideration of up to $82.4 million. Create NYC is a New York-based disruptive creative communications agency and SmartAnalyst is a New York-based strategic commercialisation consulting and analytics business. Create NYC is being acquired for a total consideration of up to $58.4 million. It offers the tactical execution of sales and marketing materials for its international pharmaceutical clients. Founded in 2009 by Natalie McDonald, who remains with the company as CEO, Create NYC employs 43 people in-house. The business will become part of Ashfield Communications. SmartAnalyst is being acquired for a total consideration of up to $24 million. It has 135 employees based across operations in New York, London and Gurgaon, India. Both transactions will be financed from existing cash and debt facilities and are expected to be earnings accretive. Brendan McAtamney, CEO of UDG Healthcare, said, “Both transactions meet all of UDG’s acquisition criteria – they are a good strategic and cultural fit; meet our target financial hurdle rates; and involves an expansion of our current capabilities.” (Credit: Business Insider)…
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Cipla to acquire South African drugmaker Mirren for $33 mn

Drug major Cipla’s subsidiary has signed an agreement to fully acquire South Africa’s Mirren (Pty) Ltd for a cash consideration of South African Rand 450 million (approx Rs 228 crore). Cipla said the acquisition of Mirren, which specialises in over the counter (OTC) pharmaceutical products, will strengthen its market position and help it to accelerate growth within OTC space. “The company’s wholly-owned subsidiary Cipla Medpro South Africa (Pty) Ltd has signed an agreement to acquire 100 per cent stake in Mirren (Pty) Ltd, South Africa,” Cipla said in a regulatory filing. expected to be completed before September 30, 2018, Cipla said. “Cash consideration of South African Rand 450 million to be paid on closing of transaction,” the company said. Mirren (Pty) Ltd, South Africa had a turnover of South African Rand 152.1 million for the financial year ended on February 28, 2018. It has presence in South Africa, Namibia and Botswana. (Credit: Economic Times)…
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Malaysia’s IHH Healthcare nears takeover of India’s Fortis with $1.1 billion bid

Malaysia’s IHH Healthcare Bhd is set to take control of India’s Fortis Healthcare after its bid of up to $1.1 billion was chosen over a rival’s, giving it ownership of over 30 hospitals amid a private healthcare boom in India. IHH’s 170 rupees per share offer for as much as 57 percent of Fortis was chosen on Friday over a joint bid from Indian firm Manipal Health Enterprises Ltd and U.S. private equity firm TPG Capital. The offer represents a roughly 20 percent premium to its last closing price and caps a months-long bidding war for control of the Indian company that drew interest from domestic and international suitors. IHH’s offer is the third one that cash-strapped Fortis has approved this year, with a previous offer being shot down by shareholders. However, this time there is more confidence of the deal being approved. “The cash repairs the balance sheet and the tender offer should clean out a lot of the banks that could have led to an overhang of stock, which the other offer (TPG-Manipal) didn’t have … We plan to support it and think the bid will go through,” an investor among Fortis’ top 10 said. IHH’s offer is slightly lower than the 175 rupee offer it had proposed earlier, but the investor said it was “not a bad outcome considering how long it has taken and how badly managed the process has been.” Fortis shares rose only 4 percent to 147.90 rupees on Friday, which analysts attributed to IHH’s win and offer price coming in as expected.…
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Malaysia’s IHH Healthcare nears takeover of India’s Fortis with $1.1 billion bid

Malaysia’s IHH Healthcare Bhd is set to take control of India’s Fortis Healthcare after its bid of up to $1.1 billion was chosen over a rival’s, giving it ownership of over 30 hospitals amid a private healthcare boom in India. IHH’s 170 rupees per share offer for as much as 57 percent of Fortis was chosen on Friday over a joint bid from Indian firm Manipal Health Enterprises Ltd and U.S. private equity firm TPG Capital. The offer represents a roughly 20 percent premium to its last closing price and caps a months-long bidding war for control of the Indian company that drew interest from domestic and international suitors. IHH’s offer is the third one that cash-strapped Fortis has approved this year, with a previous offer being shot down by shareholders. However, this time there is more confidence of the deal being approved. “The cash repairs the balance sheet and the tender offer should clean out a lot of the banks that could have led to an overhang of stock, which the other offer (TPG-Manipal) didn’t have … We plan to support it and think the bid will go through,” an investor among Fortis’ top 10 said. IHH’s offer is slightly lower than the 175 rupee offer it had proposed earlier, but the investor said it was “not a bad outcome considering how long it has taken and how badly managed the process has been.” Fortis shares rose only 4 percent to 147.90 rupees on Friday, which analysts attributed to IHH’s win and offer price coming in as expected.…
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No more ‘easy playground’ for e-commerce firms like Flipkart, Amazon India

In order to keep a tab on its foreign investment policy (FIP) violation by online retail platforms like Flipkart, Amazon and Myntra, India proposes to create a special group, said an Economic Times report. The decision came at a time when officials are contemplating on the definition of e-commerce and how it should be regulated. According to the report, the separate group may be set up to deal with any violations in order to ensure that the guidelines are implemented and enforced in a proper manner. This special wing will comprise officials from industry department and Enforcement Directorate (ED). However, senior officials told the publication that the separate wing is not a permanent solution to the problem and will only be in effect temporarily to make sure that the foreign investment policy is not misused. Meanwhile, the government will be soon preparing a national policy on the e-commerce sector for better regulation. It has come to light that India plans to broaden the e-commerce definition: The inter-ministerial group on Friday decided that they will include any type of buying, selling, marketing or delivery of goods and services through the electronic medium under the definition in order to devise a single legislation for e-commerce).…
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