M&A in India - Q1 2015

During Q1 2015, around 225 M&A deals were completed aggregating to approx. $5.5 billion; this was an increase of 10% in terms of deal value and 8% in deal volume from Q1 2014, which saw approx. $5 billion worth of acquisitions completed spread across 207 deals.

In terms of sectors, the Banking Financial Service and Insurance (BFSI) saw the maximum deal value with deals worth around $1.4 billion, followed by Pharmaceuticals, Biotechnology & Life Sciences with $988 million.

India-UK specific deal announcements

No. Target Company Acquiring Company Deal Value Deal Highlights
1 Prime Focus Ltd., UK Broadcast Post Production Business Blue 2.0 Undisclosed
  • India based entertainment service company Prime Focus Ltd. is divesting its UK broadcast post-production business to a new firm Blue 2.0.
  • Blue 2.0 will take over Prime Focus' UK broadcast facility at 58 Old Compton Street and the provision of its long-form, drama, short-form, entertainment and DI services.
2 Sublime Food Ltd. Future Consumer Enterprise Ltd. Undisclosed
  • Future Consumer Enterprise Ltd., part of the Future Group, announced that it has bought 51% stake in food and confectionery manufacturer Sublime Food Ltd.
  • Future Group has made an investment by way of subscription to the equity shares of Sublime. After the share purchase, Sublime has become a subsidiary of Future Consumer Enterprise Ltd.

Key India-related Deals

No. Target Company Acquiring Company Deal Value Deal Highlights
1 Famy Care Ltd., Women's Health Business Mylan Inc. $ 800 million
  • US based pharmaceuticals major Mylan Inc. has signed a deal to acquire the female health care business of Famy Care Ltd. a specialty women's health care company.
  • The deal is valued at $800 million of which $750 million will be paid in cash with additional contingent payments of up to $50 million.
  • Famy Care Ltd. will spin off its women's healthcare business under a court order-approved scheme of de-merge. Post the de-merger, Mylan Inc. will acquire the shares of the new Company.
2 Videocon D2H Ltd. Silver Eagle Acquisition Corp. $ 325 million
  • US based Silver Eagle Acquisition Corp. will acquire up to 38.6% stake in direct to home distribution firm Videocon D2H Ltd.
  • The deal is valued at $ 325 million.
  • The shares issued by Videocon D2H Ltd. will be represented by American Depositary Shares.
3 Panaya Inc. Infosys Ltd. $ 200 million
  • Infosys Ltd. announced to fully acquire Panaya Inc., a leading provider of automation technology for large scale enterprise software management companies.
  • Infosys Ltd. will acquire Panaya Inc. in an all cash transaction.
  • The acquisition of Panaya Inc. is a key step in renewing and differentiating Infosys Ltd's service lines.
4 Green Infra Ltd. SembCorp Utilities Pte. Ltd. $ 169 million
  • Singapore based SembCorp Utilities Pte. Ltd. acquiring 60% stake in Green Infra Ltd. for approx. $ 169 million.
  • Green Infra Ltd. was incubated by private equity firm IDFC Alternatives. This transaction will result in IDFC Private Equity Fund II exiting completely and IDFC Private Equity Fund III continuing to hold 40% stake in the Company.
5 GlaxoSmithKline Plc - Opiates Business Sun Pharmaceutical Industries Ltd. Undisclosed
  • Sun Pharmaceutical Industries Ltd. has agreed to buy GlaxoSmithKline's opiates business in Australia.
  • Sun Pharmaceutical expects to close the deal by August 2015.

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