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Air India Pilots Frustrated Ahead of Vistara Merger Over Retirement Age Discrepancy

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As Tata Group prepares to merge Air India and Vistara, a growing number of Air India pilots are reportedly dissatisfied due to differences in retirement age policies between the two airlines. While Air India mandates a retirement age of 58 for its pilots and other staff, Vistara allows its pilots to work until 60. This disparity has raised concerns about equal treatment for employees within the merged entity, as the management has yet to address this issue. The merger, set for completion on November 11, is part of Tata Group’s strategic move to consolidate its aviation interests. Although efforts were made to align salary structures and working conditions for employees across both airlines, sources say the retirement age discrepancy remains unresolved, leaving Air India pilots feeling at a disadvantage. “Air India pilots are losing out on two years of service compared to their Vistara counterparts, and with no clear resolution in sight, frustration is mounting,” said an insider who wished to remain anonymous. Under India’s Directorate General of Civil Aviation (DGCA) regulations, pilots are eligible to work up to the age of 65, providing airlines flexibility in setting retirement ages. In response to growing concerns, Air India introduced a policy in August allowing retired pilots to be re-employed on contract for up to five years, with the option of extension until 65. However, employees argue that this solution does not address the underlying disparity between the airlines. The retirement age difference adds to an existing sense of inequity, as some Air India pilots have reportedly found themselves ranked lower in the seniority list compared to less-experienced Vistara pilots in the unified seniority structure. Tata Group’s acquisition of Air India in January 2022 aimed to streamline operations, but these unresolved issues underscore the complexities of integrating two established airlines with differing policies and cultures. As the merger approaches, Air India pilots hope for a resolution that ensures fairness and equal opportunities for all employees within the combined entity. Source: thehindubusinessline Photo Credit: thehindubusinessline

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Veefin Acquires GenAI Startup Walnut in Major Expansion Move

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In a strategic international expansion, digital supply chain finance platform Veefin has acquired Singapore-based GenAI startup Walnut in an all-cash deal—its fourth acquisition this year and first overseas. Known for its innovative data management solutions for banks and financial institutions, Walnut will continue operating independently post-acquisition. Veefin’s purchase of a 50% stake solidifies its footprint in GenAI, integrating Walnut’s Vegaspread technology, which rapidly converts complex financial data into actionable insights. This acquisition not only enhances Veefin’s GenAI offerings but also aligns with its mission to advance credit decisioning and working capital management for its extensive client base of over 500 global banks and institutions. Walnut’s Co-Founder & CEO, Bala Iyer, expressed excitement, noting that Walnut’s products are “a perfect fit for Veefin’s SaaS ecosystem,” as they work to expand globally and within India. Chairman Raja Debnath emphasized the importance of GenAI for Veefin’s ecosystem, pointing to the burgeoning demand for AI solutions. This acquisition follows Veefin’s recent domestic purchases, including GST compliance firm Regime Tax Solutions, tech solutions provider Nityo Infotech’s India arm, and the loan platform EpikIndifi. Veefin is well-positioned in the rapidly growing GenAI market, projected to reach $17 billion in India by 2030. Source: startupstorymedia Photo Credit: startupstorymedia  

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Phibro Completes Acquisition of Zoetis’ Medicated Feed Additive Business, Expanding Animal Health Portfolio

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Phibro Animal Health Corp. has successfully acquired Zoetis Inc.’s medicated feed additive and certain water-soluble product lines, strengthening Phibro’s global animal health and nutrition portfolio. This acquisition introduces over 37 product lines used in cattle, swine, and poultry across 80 countries, backed by manufacturing facilities in the U.S., Italy, and China, and a workforce of 300 supporting operations. Jack C. Bendheim, Phibro’s chairman, president, and CEO, highlighted the strategic alignment, emphasizing that the products will enable Phibro to meet high standards in animal care, disease prevention, and nutrition. The acquisition complements Phibro’s core competencies in vaccines, nutritional specialties, and mineral nutrition, and will likely enhance Phibro’s EBITDA margin and adjusted EPS, with more financial details expected in the Q1 earnings call on November 7. Phibro COO Larry Miller called the deal a “win-win-win,” expanding solutions for customers, supporting safe and sustainable food production, and increasing revenue diversification. This acquisition provides a robust foundation for future investments in Phibro’s fast-growing animal health categories, driving long-term sustainability and growth. Source: Feed Strategy. com Photo Credit: BigStock. com

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India’s M&A Activity Surges 14% in 2024’s First Nine Months, Led by Major Transactions

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India’s mergers and acquisitions (M&A) market rebounded strongly in 2024, with transactions rising by 13.8% to reach $69.2 billion in the first nine months, up from $60.8 billion in the same period in 2023. A total of 2,301 deals were executed between January and September, marking a notable increase over the 1,855 deals recorded during the same time last year, as per Bloomberg data. Leading this surge was Bharti Airtel’s acquisition of a stake in the British telecom giant BT Group for $4.08 billion, marking the largest M&A transaction in India so far this year. Other major deals included a family settlement within the Godrej Group and Gujarat Gas’s $3 billion acquisition of Gujarat State Petronet. Bhavin Shah, Partner and Leader (Private Equity and Deals) at PwC India, attributes this uptick to India’s attractive growth potential and market resilience compared to developed regions such as North America and Europe. “High GDP growth and a strong stock market in India have driven valuations upward, appealing to both domestic and foreign investors,” he noted. Interest rate fluctuations and inflation have also influenced M&A activities, as shifting financing terms and equity stakes impact transaction structures and valuations. Additionally, variations in cross-border real exchange rates have shaped global dealmaking patterns. Vishal Agarwal, Partner at Grant Thornton Bharat, observed that investors are increasingly turning to the Middle East as it focuses on capital attraction, while Western investors appear cautious toward China. Meanwhile, India remains appealing, particularly for early-stage deals and full buyouts. Private equity has played a significant role in India’s M&A landscape, with PE funds involved in transactions totaling $24.2 billion so far, reflecting an 8.9% rise over the previous year. Investors are also increasingly eyeing IPOs for growth-stage deals, viewing them as more cost-effective than private equity funding. This sustained interest in the Indian market underscores its stability and potential as a global investment hub amid shifting economic dynamics. Source: Business Standard

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US Court Blocks Tapestry’s $8.5 Billion Acquisition of Capri, Marking FTC Win

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A US federal judge blocked Tapestry’s $8.5 billion acquisition of rival Capri on Thursday, delivering a major win for the Federal Trade Commission (FTC) and the Biden administration ahead of the November 5 presidential election. Rising consumer prices are a primary concern for voters, making this ruling a strategic victory for the administration. The FTC argued that merging two of the biggest US handbag and accessories brands would stifle competition, allowing the new entity to unfairly raise prices on popular brands. After an eight-day trial, US District Judge Jennifer Rochon ruled against Tapestry and Capri, rejecting the companies’ argument that handbags are nonessential and that consumers could choose not to purchase them if prices rose. Capri’s shares dropped sharply by 47% following the decision, while Tapestry shares saw a modest increase of 13% in after-market trading. The proposed acquisition would have combined six high-profile brands: Tapestry’s Coach, Kate Spade, and Stuart Weitzman with Capri’s Versace, Jimmy Choo, and Michael Kors. The FTC’s Henry Liu praised the decision as “a victory for consumers across the country seeking access to quality handbags at affordable prices.” Judge Rochon, emphasizing handbags’ significance in fashion and daily life, indicated the ruling effectively ends the merger, as the required additional FTC review would stretch beyond the deal’s February 10 termination date. Tapestry expressed disappointment, stating its belief that the merger is “pro-competitive and pro-consumer” and indicated plans to appeal. While Tapestry and Capri argued the merger was needed to combat European competitors like Gucci, the judge ruled that Capri has the resources to sustain its brands independently, deeming the merger unnecessary. This case adds a notable precedent to FTC intervention in the fashion industry, where mergers are rare due to its fragmented nature, setting a benchmark in consumer protection within accessible luxury markets. Source: Business Standard

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CCI’s M&A Overhaul: Stricter Scrutiny, Faster Approvals Under New Rules

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India’s merger and acquisition (M&A) landscape has undergone a significant transformation with the recent amendments stemming from the Competition (Amendment) Act, 2023. Notified on September 9, 2024, these changes introduce stricter regulatory scrutiny while aiming to enhance ease of doing business. The new framework sets clear deal value thresholds, accelerates decision-making processes, and broadens the definition of control, aligning India’s regime with global standards. Key Highlights of the Revised M&A Framework: Deal Value Thresholds: Under the revised rules, any M&A valued above Rs 2,000 crore ($240 million) must be notified to the Competition Commission of India (CCI), provided the target has “substantial business operations” in India. This includes if the target’s Indian turnover or gross merchandise value (GMV) exceeds Rs 500 crore ($60 million) or constitutes at least 10% of global figures. Expedited Timelines: The CCI’s timeline for reviewing mergers has been shortened. The initial review period has been reduced from 30 working days to 30 calendar days, and the overall review period has been shortened from 210 to 150 days. This move promises faster clearances, benefiting businesses looking for speedier consolidation. Expanded Definition of ‘Control’: The new framework expands the definition of control to include the “ability to exercise material influence” over the management or strategic decisions of another entity. This change may bring more M&A transactions under CCI’s purview, ensuring that influential stakeholders are properly scrutinized. Exemptions for Minority Acquisitions: Acquisitions involving less than 25% of shares or voting rights that do not result in a change of control are now exempt from pre-merger notifications, easing the regulatory burden for smaller or unsolicited acquisitions. Higher Filing Fees: The filing fee for Form I has increased from Rs 20 lakh to Rs 30 lakh, while Form II fees have gone up from Rs 65 lakh to Rs 90 lakh, reflecting the more stringent review processes. Appointment of Monitoring Agencies: To ensure compliance with CCI’s orders, monitoring agencies such as accounting firms and management consultancies can be appointed. These agencies will be responsible for reporting any non-compliance with CCI directives. India’s revamped M&A regime signifies a new era of accountability, oversight, and efficiency. The introduction of deal value thresholds, expedited timelines, and enhanced exemptions point to a more sophisticated regulatory landscape. While these changes introduce additional compliance layers, they also promote transparency, making India an attractive destination for global and domestic investments. Businesses must adapt to these new rules, navigating both challenges and opportunities to benefit from the more streamlined M&A process. Source: Business Standard

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M&A Surge Marks Economic Recovery as 2025 Promises Further Growth

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In a year marked by rising interest rates and a slowdown in initial public offerings (IPOs), mergers and acquisitions (M&As) have gained renewed momentum, signaling a robust recovery for 2025. According to Dealogic data, M&A deals in Brazil reached R$195 billion as of October 2024, a 56% increase compared to the same period last year, surpassing 2023’s total of R$117 billion. Notable transactions include Prio’s acquisition of the Peregrino and Pitangola oil fields, the sale of Santos Brasil’s controlling stake to France’s CMA CGM for R$6.3 billion, and Oi’s fiber broadband portfolio sold to V.tal for R$5.7 billion. The year’s largest deal so far was Auren’s acquisition of AES for $3 billion. Sectors like infrastructure and oil and gas have seen significant activity, with upcoming concessions expected to boost deal flow through year-end. Agribusiness is also contributing, as restructuring in the sector drives M&A opportunities. Anderson Brito, director at UBS BB Investment Bank, notes that private equity funds are increasingly active, while foreign investors are showing renewed interest in Brazilian acquisitions. “We’re seeing investors comfortable with Brazil’s risk,” he said. Meanwhile, Bank of America’s Diogo Aragão points out that many deals that stalled in 2023 are now moving forward, reflecting a rebound from a low base. Despite the increase in volume, activity is still below the peak years of 2021 and 2022. However, banks are optimistic about 2025, with stronger pipelines and a positive outlook, bolstered by U.S. interest rate cuts and Brazil’s credit rating upgrade. Key sectors driving M&A activity include consumer goods, retail, and infrastructure, with a strong performance expected in the first half of 2025. Source: valorinternational.globo.com

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Sudarshan Chemical to Acquire Heubach Group’s Pigment Business for Rs 1,180 Crore

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Pune-based Sudarshan Chemical Industries Ltd. (SCIL) has entered into a definitive agreement to acquire the global pigment business of Germany’s Heubach Group for Rs 1,180 crore (€127.5 million). This strategic acquisition is expected to significantly enhance SCIL’s product portfolio while expanding its global footprint, particularly in Europe and the Americas. The news of the acquisition boosted SCIL’s shares by 19.1%, pushing the stock price to Rs 1,208 and raising the company’s market valuation to Rs 8,359 crore. The deal, which involves both asset and share acquisition, will combine SCIL’s existing operations with Heubach’s strong technological expertise and established market presence, creating a powerhouse in the global pigment industry. Once the acquisition is completed, the merged entity will boast a broad pigment portfolio, 19 global sites, and a diversified asset footprint. In 2022, Heubach became the world’s second-largest pigment manufacturer following its integration with Clariant. However, the group has faced financial challenges over the past two years due to rising costs, inventory issues, and high interest rates. SCIL’s acquisition of Heubach comes with a clear turnaround plan to address these issues, according to an official statement from the company. Rajesh Rathi, Managing Director of SCIL, will lead the combined entity post-acquisition. The deal will require regulatory approvals from bodies such as the Competition Commission of India and other relevant authorities across different jurisdictions. The acquisition is expected to close within 3-4 months, pending these approvals and shareholder consent. SCIL has experienced a robust financial year, with its shares more than doubling in value. During FY24, the company reported a net profit of Rs 335 crore on revenues of Rs 2,141 crore. In the three months ending June 2024, SCIL recorded a net profit of Rs 41 crore on revenues of Rs 580 crore. Heubach Group’s consolidated turnover in 2023 was €879 million, down from €1,069 million in the previous year. With this acquisition, SCIL is poised to strengthen its global presence and leverage Heubach’s expertise to drive further growth and innovation in the pigment sector. Source: Business Standard

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Infinite Reality Acquires Zappar for $45M to Expand Extended Reality Commerce Capabilities

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Infinite Reality, a leading firm in extended reality (XR) and immersive technologies, has acquired the XR creative platform Zappar for $45 million, further solidifying its presence in the commerce and digital media landscape. This acquisition enhances Infinite Reality’s capabilities in artificial intelligence, spatial computing, and immersive technologies, all of which are integral to reshaping digital commerce and media experiences. Amish Shah, co-founder and chief business officer of Infinite Reality, emphasized the strategic importance of the deal, stating, “Zappar’s strong European presence and partnerships with global brands align perfectly with our expansion strategy. By integrating their expertise into our portfolio, we’re creating a powerhouse of immersive technology that spans continents and industries.” The acquisition follows Infinite Reality’s $350 million funding round in July and is part of its ongoing acquisition spree, which includes 3D avatar platform Action Face in June, metaverse company Landvault in July, and a majority stake in Super League earlier this month. Zappar’s XR platform allows brands to create and manage 3D websites, augmented reality (AR) content, virtual reality (VR) experiences, and applications across various devices, including Apple Vision Pro and Meta Quest 3. Zappar CEO Caspar Thykier expressed enthusiasm, saying, “Joining Infinite Reality’s trailblazing portfolio empowers us to scale our technology and reach a much wider audience of clients and consumers, while expanding our U.S. presence.” Zappar’s product suite includes the Zapbox, an entry-level XR headset priced at $99.99, and its assistive technology, Zapvision, which enhances accessibility for people with low vision using QR codes. The deal also brings Zappar’s established partnerships with global brands like Disney, Bayer, Nestlé, and NBCUniversal, adding more value to Infinite Reality’s expanding global network, which includes operations in major cities such as Los Angeles, New York, Dubai, and London. Source: adweek

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Healthcare M&A Revenue Reaches $13.3 Billion in Q3 2024 Amid Surge in Hospital Transactions

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Healthcare mergers and acquisitions (M&A) surged in Q3 2024, with total transacted revenue reaching $13.3 billion, the highest third-quarter total in eight years, according to Kaufman Hall’s M&A Quarterly Activity Report. A significant portion of this activity was driven by the Steward Health Care bankruptcy, which contributed to 11 of the 27 announced transactions. This quarter marked the busiest period for hospital M&A in 2024, matching pre-pandemic activity levels. Steward Health Care’s bankruptcy reshaped the market, with Health Care Systems of America assuming operations at eight Steward hospitals in Florida, Louisiana, and Texas. This transaction was one of four “mega mergers,” where the seller’s annual revenue exceeded $1 billion. Other notable mega mergers included Orlando Health’s acquisition of Brookwood Baptist Health from Tenet Healthcare, Prime Healthcare’s purchase of eight Ascension hospitals in Illinois, and the combination of Sanford Health and Marshfield Clinic Health System. While mega mergers contributed to the quarter’s high transaction volume, the average seller size decreased to $492 million, reflecting a broader trend of smaller-scale acquisitions. Seven of the 27 transactions involved for-profit acquirers, while not-for-profit systems, academic institutions, and religious organizations comprised the remainder. The Steward transactions, spanning multiple states, highlight the difficulties financially distressed hospitals face in finding buyers. Established health systems like CHRISTUS Health and Orlando Health stepped in to acquire key assets, while some Steward facilities struggled to attract interest, leading to closures in Massachusetts. Overall, Q3 2024 saw a mix of portfolio realignments, expansions into new markets, and the absorption of struggling facilities, reflecting both opportunity and ongoing financial challenges in the healthcare sector. Source: techtarget

Healthcare M&A Revenue Reaches $13.3 Billion in Q3 2024 Amid Surge in Hospital Transactions Read More »