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Sodalis Group Acquires Majority Stake in Germany’s Artdeco Group

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While the financial terms of the deal have not been disclosed, it’s understood that Sodalis Group will obtain more than an 80 percent stake in the firm. The transaction is anticipated to be finalized by early June, pending necessary clearance from antitrust authorities. Founded in 1985 by Helmut Baurecht, Artdeco Group comprises three brands: Artdeco, Make up Factory, and Anny. Artdeco, the flagship makeup label, is a prominent name in the German selective makeup market, known for its affordable pricing and extensive product range. The brand enjoys widespread presence, with over 90 percent of German perfumeries and department stores carrying its products. In 2023, the brand contributed to 84 percent of the group’s total sales, which amounted to 72 million euros, marking a 16 percent year-over-year increase. This acquisition represents a strategic move by Sodalis Group to strengthen its presence in the health, beauty, and personal care sector and expand its portfolio with established brands in the German market.

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Akamai Doubles Down on API Security With $450M Noname Acquisition Deal

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Akamai Technologies has announced its acquisition of API security firm Noname Security for $450 million, aiming to extend protection across all API traffic locations. The acquisition underscores Akamai’s commitment to enhancing API security by focusing on improved discovery of “shadow” APIs and detection of API vulnerabilities and attacks. This strategic move comes as Akamai showcases its security offerings at the RSA Conference 2024 in San Francisco. Tom Leighton, Co-Founder and CEO of Akamai, highlighted the company’s strong results in API security, citing prior success with the acquisition of Neosec. He emphasized the increasing interest among enterprise CISOs and CIOs in bolstering API security, noting that many organizations are unaware of all the APIs within their infrastructure. Noname Security, founded in 2020, was acquired for less than half of its $1 billion valuation achieved in late 2021. Despite its relatively short history, the startup had secured substantial funding, totaling at least $220 million. The acquisition of Noname Security by Akamai is expected to be finalized in the second quarter of the year, further solidifying Akamai’s position in the API security market.  

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Sunoco Completes Acquisition of NuStar Energy L.P. and Announces Quarterly Distribution Increase

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Sunoco has successfully completed the acquisition of NuStar Energy L.P. The merger received approval from NuStar unitholders during a Special Meeting held on May 1, 2024. As of May 3, 2024, NuStar’s common units have ceased trading on the New York Stock Exchange. This strategic acquisition significantly bolsters Sunoco’s stability, credit profile, and financial foundation. The transaction is expected to yield a minimum of $150 million in expense and commercial synergies, with an additional $50 million per year of cash flow from refinancing activities anticipated. Sunoco anticipates immediate accretion to distributable cash flow per LP unit, with accretion projected to exceed 10% by the third year post-close. Additionally, Sunoco’s Board of Directors has approved a quarterly distribution for the first quarter of 2024, amounting to $0.8756 per common unit, or $3.5024 per common unit on an annualized basis. The distribution is slated for payment on May 20, 2024, to common unitholders of record as of May 13, 2024, inclusive of former NuStar unitholders who received Sunoco common units following the merger. This 4% increase in quarterly distribution, following last year’s 2% rise, underscores Sunoco’s ongoing confidence in its business and future distribution growth. Sunoco will delve into further details regarding the NuStar acquisition and distribution increase during its first quarter 2024 conference call scheduled for May 8, 2024, at 9:00 a.m. Central Daylight Time.

Sunoco Completes Acquisition of NuStar Energy L.P. and Announces Quarterly Distribution Increase Read More »

Modi’s Photo Removed from Covid Vaccine Certificates; Health Ministry Responds

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The Union health ministry has recently made a significant alteration to Covid-19 vaccination certificates issued through CoWIN, removing the image of Prime Minister Narendra Modi. Previously, these certificates prominently featured PM Modi’s image alongside a quote affirming India’s collective resolve to combat the coronavirus pandemic. While the quote remains intact, PM Modi’s name has been omitted, and his image has been replaced by a QR code. This change has caught the attention of many citizens, particularly on social media platforms like X (formerly Twitter). Users have observed the absence of PM Modi’s photograph on the updated vaccination certificates, sparking discussions and speculation regarding the reasons behind this alteration. Health ministry officials have clarified that the removal of PM Modi’s image from the vaccination certificates is due to the Model Code of Conduct (MCC) currently in place for the ongoing Lok Sabha elections. This move aligns with past instances where PM Modi’s photograph was removed from vaccination certificates issued during state assembly elections in 2022. The controversy surrounding Covishield, AstraZeneca’s vaccine manufactured in partnership with the Serum Institute of India, has also resurfaced following discussions about its potential association with Thrombosis with Thrombocytopenia Syndrome (TTS), a rare side effect involving blood clotting. The opposition Congress has demanded compensation for the relatives of individuals who died due to heart attacks or similar reasons after receiving the Covishield vaccine, alleging that the BJP government at the Centre did not adhere to WHO guidelines. Despite these concerns, doctors associated with the Gujarat BJP have emphasized that a study conducted by an expert panel in the state found no direct link between Covid-19 vaccines and blood clotting leading to heart attacks. As discussions around Covid-19 vaccines continue, the removal of PM Modi’s photo from vaccination certificates adds another layer to the ongoing dialogue surrounding vaccine distribution and public health policies in India.  

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UK Regulator Questions Vodafone and Three Merger Plans

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The Competition and Markets Authority (CMA) in the UK has cast fresh doubt on the likelihood of approving a merger between Vodafone and Three, questioning the necessity of such a move despite the operators’ arguments for consolidation. Vodafone and Three have been advocating for a merger, claiming that the UK telecom landscape would benefit from consolidation, but the CMA’s Phase 1 findings suggest otherwise. The regulator found that both Vodafone and Three are viable and competitive businesses on their own, contradicting the operators’ assertions about their financial predicaments. While Vodafone and Three have highlighted their weaknesses, including financial losses and operational challenges, the CMA’s investigation indicates a strong commitment to long-term growth and investment from both operators. Additionally, the CMA raises concerns about potential anticompetitive effects, particularly regarding network-sharing arrangements. The CMA’s detailed report questions the necessity of the merger and highlights potential risks, including limitations on competition and negative impacts on consumers. Despite promises of increased investment and accelerated 5G rollout, the regulator remains skeptical about the benefits of consolidation. Overall, the CMA’s findings paint a vivid picture of the challenges and potential consequences of a Vodafone-Three merger, suggesting that major remedies may be necessary for approval. As the investigation progresses to Phase 2, the operators may need to reconsider their merger plans in light of the regulator’s concerns.  

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Apollo 24/7 Secures Rs 2,475 Crore Investment and 12.1% Advent Stake in Mega Merger with Keimed

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Apollo HealthCo Limited, a subsidiary of Apollo Hospitals Enterprise Limited, has unveiled a major development with plans to raise Rs 2,475 crore ($339 million) in equity capital from Advent International, a prominent private equity investor. This strategic move is part of a merger initiative that will also integrate Keimed Private Limited, India’s leading wholesale pharmaceutical distributor, within the next two years. The merger deal entails Advent International acquiring a 12.1% stake in the merged entity, while Apollo HealthCo and Keimed will hold 59.2% and 25.7% stakes, respectively. The combined entity is valued at an impressive enterprise value of Rs 22,481 crores ($3 billion). Dr. Prathap C Reddy, Chairman of Apollo Hospitals Group, emphasized the mission to provide high-quality healthcare to all Indians at an affordable cost. He highlighted the significant outreach achieved by Apollo 24/7, which has positively impacted over 33 million Indians. Dr. Reddy expressed confidence that with Advent’s investment and the merger with Keimed, the combined entity will emerge as one of the leading retail health companies in India. The integration is poised to deliver substantial industry benefits and capitalize on potential business synergies. With a pan-India presence, the merged entity aims to become a frontrunner in the retail health sector. Shobana Kamineni, Executive Vice Chairperson of Apollo Hospitals, underscored the enhanced accessibility to genuine medicines for 1.4 billion Indians within 24 minutes to 24 hours, 7 days a week, facilitated by the merged supply chain. Suneeta Reddy, Managing Director of Apollo Hospitals, described the merger with Keimed as a pivotal step towards building a comprehensive supply chain. She outlined the revenue projections and emphasized the collaborative strengths that will drive exponential value for Apollo Hospitals and its shareholders. Advent International sees this partnership as an opportunity to invest in India’s rapidly growing healthcare sector and contribute creatively to value creation. The merger positions Keimed at an enterprise value of Rs 8,003 crores, with Keimed shareholders holding a maximum of 25.7% stake in the combined entity, while Apollo Hospitals remains the largest controlling shareholder with at least 59.2% stake. The merger is subject to further corporate approvals.  

Apollo 24/7 Secures Rs 2,475 Crore Investment and 12.1% Advent Stake in Mega Merger with Keimed Read More »

Madras HC Refuses to Interfere with LVB-DBS Merger, Directs RBI to Reassess Tier-II Bond Write-Off

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The Madras High Court, in a ruling on April 26, declined to intervene in the 2020 merger of Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd (DBIL). However, the court directed the Reserve Bank of India (RBI) to conduct a fresh valuation of the assets and shares of both entities to determine any reduction in the value of shares and to reconsider Tier-II bond write-offs. The court’s directive instructed the RBI to evaluate the shares and assets of both DBIL and LVB as of the date preceding the amalgamation. Based on this evaluation, the RBI is mandated to make a fresh decision regarding the reduction in the value of shares and the writing off of Tier-II Bonds. This ruling comes after investors contested the LVB-DBS merger, particularly challenging the Tier-II bond write-offs. While the decision is seen as partially favorable to bond and equity investors, as it requires the RBI to reassess the Tier-II bond write-off, the court’s order provides hope for further scrutiny and redressal of grievances. The bench, comprising Chief Justice Sanjay V. Gangapurwala and Justice D. Bharatha Chakravarthy, has directed the central bank to complete the reassessment process within four months. The court emphasized that the RBI should consider the concerns of shareholders and bondholders while undertaking this exercise. In a related development, the Supreme Court in March 2022 permitted Lakshmi Vilas Bank minority shareholders to transfer all cases pertaining to the LVB’s amalgamation with DBS Bank India Ltd to the Madras High Court. The High Court, in its recent ruling, urged the RBI to address shareholder and bondholder grievances and alleviate hardships arising from the compulsory amalgamation scheme to the best extent possible.  

Madras HC Refuses to Interfere with LVB-DBS Merger, Directs RBI to Reassess Tier-II Bond Write-Off Read More »

US Federal Trade Commission Opposes Tapestry’s Acquisition of Capri Holdings: Here’s Why

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The US Federal Trade Commission (FTC) has taken a firm stance against Tapestry Inc.’s proposed $8.5 billion acquisition of Capri Holdings Ltd., the parent company of Michael Kors. This marks a notable move in antitrust enforcement within the fashion accessories sector, raising concerns about market competition and consumer welfare under the Biden administration. Key Points: FTC’s Concerns: The FTC’s opposition to the merger stems from concerns about its potential impact on prices within the affordable luxury segment. The agency worries that the deal could reduce competition for affordable handbags, resulting in adverse effects on consumers and workers. Additionally, the consolidation of Tapestry and Capri could lead to reduced wages and employee benefits, affecting approximately 33,000 workers worldwide. FTC’s Legal Action: The FTC filed complaints in both its in-house and federal courts after a unanimous decision to block the deal. This legal action represents the FTC’s first lawsuit in the fashion accessories sector, highlighting the significance of its intervention. Company Responses: Tapestry’s CEO, Joanne Crevoiserat, contested the FTC’s assessment, emphasizing the company’s commitment to competitive wages and benefits. Capri Holdings also disagreed with the FTC’s decision, asserting that prevailing market realities indicate minimal impact on competition. Both companies vowed to defend the case vigorously in court and reiterated their commitment to completing the acquisition. Tapestry’s Acquisition Motives: Tapestry’s pursuit of Capri Holdings aims to establish a US-based fashion conglomerate specializing in accessible luxury. The merger seeks to leverage Coach’s strengths in China and Michael Kors’ presence in Europe to enhance geographic reach and revenue growth. Despite challenges in turning around Michael Kors’ declining sales, Tapestry remains optimistic about the deal’s potential benefits. Market Implications: If the merger proceeds, the combined Tapestry and Capri entity would become the second-largest personal luxury goods company in the US, rivaling industry giants like LVMH. However, the FTC’s opposition underscores broader concerns about market consolidation and its impact on competition and consumer choice. The FTC’s legal action against Tapestry’s acquisition of Capri Holdings reflects growing scrutiny of mergers and acquisitions in the fashion industry, signaling a proactive approach to antitrust enforcement under the Biden administration.

US Federal Trade Commission Opposes Tapestry’s Acquisition of Capri Holdings: Here’s Why Read More »

NAGA Shareholders Overwhelmingly Approve Merger with CAPEX.com

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NAGA Group AG’s shareholders have voted with an overwhelming majority of 99.81% in favor of the proposed merger with CAPEX.com. The Extraordinary General Meeting (EGM), held on April 12th, witnessed strong confidence in the merger, marking a significant step forward for both entities. During the EGM, the newly appointed CEO of NAGA AG, Octavian Patrascu, outlined his vision for the “New NAGA,” emphasizing innovation and expansion within the financial services landscape. Key highlights from his presentation included plans for market expansion, product enhancements, and the introduction of the NAGA SuperApp, aimed at offering a comprehensive range of services to users worldwide. The strategic merger with CAPEX.com is poised to capitalize on synergies between the two companies, with internal evaluations projecting potential annual synergies exceeding $10 million. Pending regulatory approval, the merger is expected to enhance NAGA’s financial efficiency and market reach, bolstered by Capex’s skilled management and proven track record. Commenting on the approval, Octavian Patrascu expressed excitement about the prospect of executing the new business plan, underscoring the expanded global reach and upgraded user experience offered by the “New NAGA.” With his personal financial investment in the deal, Patrascu brings over 15 years of experience in leading multinational ventures to achieve global prominence. The merger positions NAGA to benefit from an expanded user base of over 1.6 million registered users, with plans to achieve over 5 million registered users by 2025/26. Leveraging NAGA’s technological ecosystem and Capex’s international operational infrastructure, the “New NAGA” aims to optimize client value and profitability, driving long-term growth and success. NAGA is a leading German Fintech Company offering a SuperApp that merges social trading, stock investing, cryptocurrency, and neo-banking into a unified platform. With operations in over 100 countries and 9 local offices, NAGA provides diverse services for both fiat and cryptocurrencies, fostering an inclusive and efficient financial ecosystem for personal finance and trading.  

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ZEE Entertainment Withdraws Merger Application with Sony Pictures Networks

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ZEE Entertainment Enterprises Ltd. (ZEE) has opted to retract its merger application submitted to the National Company Law Tribunal (NCLT) in Mumbai, which sought the execution of its proposed merger with Sony Pictures Networks, now known as Culver Max. The merger agreement between Sony and Zee was initially disclosed on December 22, 2021. However, Sony Pictures later rescinded the merger proposal. Subsequently, Sony approached the Singapore International Arbitration Centre (SIAC) on February 4, seeking directives to prevent Zee from pursuing legal remedies in alternate legal forums, including the NCLT. Following SIAC’s dismissal of Sony’s request for urgent relief, Mad Men Film Ventures, a Zee shareholder, approached the NCLT urgently, seeking an order to ensure that any rulings issued by other forums concerning the Zee-Sony merger would be subject to the NCLT’s directives. In response, Zee approached NCLT Mumbai, seeking enforcement of the $10 billion merger scheme, previously sanctioned by the tribunal in August 2023, despite opposition from creditors such as Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp, and IDBI Trusteeship. However, ZEE has now chosen to withdraw its application. In a disclosure to the Bombay Stock Exchange, the company elucidated its decision to retract the application filed on January 24 of this year. “This decision will also enable the Company to pursue growth and evaluate strategic opportunities to generate higher value for all shareholders….This decision to withdraw the implementation application will enable the Company to continue to aggressively pursue all its claims against Sony in the ongoing arbitration proceedings at the Singapore International Arbitration Centre (SIAC) and in other forums,” the filing stated.  

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