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Vahan.ai Secures $10 Million in Series B Funding to Expand AI-Powered Recruitment for India’s Blue-Collar Workforce

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Vahan.ai, an AI-powered recruitment platform focused on India’s blue-collar workforce, has secured $10 million in Series B funding. The funding round was led by Khosla Ventures, founded by renowned AI expert Vinod Khosla, who was recently recognized as one of Time Magazine’s Top 100 Most Influential People in AI for 2024. Madhav Krishna, Founder and CEO of Vahan.ai, shared the news in a LinkedIn post, expressing his excitement for the company’s growth: “What began as a mission to address economic inequality has evolved into Vahan.ai. Our journey continues as we aim to create job opportunities for a billion people in India and beyond.” The Series B funding round also saw participation from notable investors, including Y Combinator, Gaingels, and Paytm Founder Vijay Shekhar Sharma. Krishna expressed gratitude for the support from these key partners, stating, “We are deeply grateful to our investors, partner organizations, and the gig workers we serve, along with the incredible team at Vahan.ai.” Bengaluru-based Vahan.ai leverages AI technology to simplify the recruitment process for both employers and blue-collar workers. Their AI-driven platform connects companies with skilled candidates and helps workers find job opportunities in India’s expanding gig economy. With this new funding, Vahan.ai plans to expand its AI-powered recruitment tools and enhance its ‘AI Recruiter,’ which currently conducts interviews in English and Hindi. The platform aims to extend its language capabilities to cover other major Indian languages in the coming year, furthering its mission to revolutionize blue-collar recruitment in India and beyond. Source: People’s matter  

Boston Scientific and Silk Road Medical to Finalize $1.26 Billion Merger

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Boston Scientific and Silk Road Medical are set to finalize their $1.26 billion merger in the “coming days,” following the expiration of the antitrust waiting period. Silk Road Medical, known for its stroke prevention devices, confirmed the update in a federal securities filing, stating that the Federal Trade Commission (FTC) had completed its review. The merger, initially announced in June, values Silk Road at $27.50 per share. Silk Road’s transcarotid artery revascularization devices, used to treat plaque buildup in carotid arteries, will complement Boston Scientific’s vascular product portfolio. The combined entity is expected to bring in a revenue range of $194 to $198 million in 2024. Boston Scientific had resubmitted its merger filing in August, triggering a new waiting period under the Hart-Scott-Rodino Antitrust Improvements Act to allow for FTC review. With the expiration of this period, the companies are now moving toward completing the deal. This acquisition follows Boston Scientific’s active mergers and acquisitions strategy, with several billion-dollar deals announced this year. The company’s proposed $3.7 billion acquisition of Axonics, however, remains under FTC scrutiny due to concerns about market dominance in urinary incontinence devices. Boston Scientific is cooperating with the FTC to address regulatory concerns and has delayed the Axonics deal closure to the second half of 2024. Source: Med Tech Dive

CCI to Review M&A Deals Over ₹2,000 Crore with Substantial India Operations

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The Competition Commission of India (CCI) has introduced a new deal value threshold (DVT) criterion for mergers and acquisitions (M&A) exceeding ₹2,000 crore, provided the target company has substantial business operations in India. This move is aimed at bringing more deals, especially in the digital and start-up sectors, under regulatory scrutiny. Previously, regulatory approval was based on asset or turnover values, such as ₹2,500 crore in assets or ₹7,500 crore in turnover. Under the new rules, deals involving target companies with substantial business operations in India, based on metrics like the number of users, gross merchandise value, or turnover, will now require CCI review if these exceed 10% of global figures in the preceding 12 months. Experts believe the DVT will significantly impact the M&A landscape, with more transactions now subject to CCI scrutiny. “The new threshold broadens the range of transactions subject to CCI oversight, potentially increasing compliance costs and extending deal timelines,” said Prithiviraj Senthil Nathan, partner at King Stubb & Kasiva. Legal professionals view the DVT as a necessary step to address high-value deals in technology sectors that often escape traditional thresholds. “The DVT is a valuable tool for capturing deals that might otherwise have gone unnoticed,” noted Avaantika Kakkar, Partner at Cyril Amarchand Mangaldas. However, the introduction of DVT may also increase the CCI’s workload, with experts calling for a capacity enhancement at the commission to handle the expected rise in notified transactions.    

White & Case Advises Air France-KLM on Strategic Stake Acquisition in Scandinavian Airlines

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Global law firm White & Case LLP has advised Air France-KLM on acquiring a 19.9% non-controlling stake in Scandinavian Airlines (SAS AB), Scandinavia’s leading airline. The transaction, which follows regulatory approvals in Europe and the US, enables SAS AB to exit its Chapter 11 reorganization and Swedish restructuring proceedings. Air France-KLM’s investment was part of a broader consortium, including Castlelake L.P., Lind Invest ApS, and the Danish State, which now collectively holds an 86.4% stake in the reorganized airline. The consortium invested $1.2 billion in total, subscribing to $475 million of common shares and purchasing $725 million of senior secured convertible notes. Air France-KLM’s contribution amounted to $144.5 million, consisting of $109.5 million in common shares and $35 million in senior secured convertible notes. Agreements within the consortium allow Air France-KLM to potentially increase its stake to a controlling position after a minimum of two years, subject to regulatory approvals and the airline’s financial performance. The White & Case team advising on this transaction included partners from Miami, New York, Chicago, Stockholm, Düsseldorf, Brussels, and Paris, along with counsel and associates providing cross-jurisdictional expertise to facilitate the deal. Source: White case  

Health Ministry Initiates Recruitment for Technical Resource Centres

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The Union Health Ministry, in collaboration with the Indian Council of Medical Research (ICMR), is advancing efforts to establish Technical Resource Centres (TRCs) aimed at synthesizing and evaluating evidence to develop and promote evidence-based healthcare policies. These centres will play a pivotal role in formulating clinical guidelines and enhancing the adoption of best practices within the healthcare sector. ICMR has issued a call for Expressions of Interest (EoI) from researchers, faculty, and scientists to join these centres. Each TRC will receive financial support of up to ₹20 lakh per year, with funding initially set for three years and subject to annual performance reviews. The TRCs will conduct systematic reviews and meta-analyses to generate high-quality evidence, utilizing the GRADE (Grading of Recommendations, Assessment, Development, and Evaluation) approach. The centres will also organize training programs and workshops to disseminate best practices and support effective guideline development. Regular monitoring visits, professional development plans, and biannual training programs are integral components of the TRCs’ operations. Manuscripts based on completed evidence tables are expected to be submitted within three months. The ICMR has outlined eligibility criteria for applicants, including regular employment at medical institutes, research centres, universities, or colleges, along with the necessary experience, resources, and preferably access to relevant databases. Applications will be reviewed by an expert committee, with selected participants to be notified via email and the DHR website in September 2024. The evaluation of applications will be based on expertise in evidence synthesis, available infrastructure and resources, publication history, and the extent of collaboration and networking capabilities. Source: The Hindu

M&As in India Hit New Highs: Key Deals of Q2 2024

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India’s dealmaking activity reached new heights in Q2 2024, with 501 deals valued at $21.4 billion—the highest quarterly volume since Q2 2022, according to Grant Thornton Bharat Dealtracker. Mergers & Acquisitions (M&A) and Private Equity (PE) deals collectively stood at 467, valued at $14.9 billion, marking a 9% increase in volume but a 28% decrease in value compared to Q1 2024, due to the absence of mega-mergers like the Reliance-Disney deal. Key Highlights: Surge in High-Value Deals: The quarter saw 30 high-value transactions, a 58% increase from Q1 2024. Indian companies showed strong confidence in the domestic market, driving significant investment. Sector Leaders: Traditional sectors like pharmaceuticals and manufacturing were key contributors, accounting for nearly half of the total deal values. Domestic Deals Dominate: M&A saw 132 deals worth $6.2 billion, driven by four high-value deals from the Adani Group in the industrial materials and ports sectors, which made up 52% of the total M&A value. Cross-Border Decline: Cross-border deals saw a decline, with a 24% drop in volume and an 85% reduction in value compared to Q1 2024. Deal of the Quarter: Ambuja Cement’s $1.3 billion acquisition of Penna Cements was the standout deal, boosting Adani Cement’s market share by 2% across India. Sector-Specific Investments: Notable investments included those in EVs, industrial materials, pharma & biotech, energy & renewables, and defense. PE Landscape: Private Equity saw 335 deals worth $8.7 billion, with a 9% increase in volume and a 55% jump in value. High-value deals (≥ USD 100 million) dominated, reflecting a shift towards investments in companies with proven business models. Notable investments included Zepto ($665 million) and Lenskart ($200 million). QIP & IPO Trends: Q2 2024 recorded 20 QIPs totaling $2.3 billion and 14 IPOs valued at $4.2 billion, marking the highest quarterly IPO size since Q2 2022. Sector Trends: Retail & Consumer: Topped overall volumes but saw a marginal 7% decline in volumes. Pharma, Healthcare & Biotech: Led values with $3.8 billion across 53 deals, driven by ten high-value transactions. Manufacturing: Saw a significant rise with values increasing ninefold to $3.5 billion, mainly due to Adani Group’s high-value deals. Conclusion: M&A and PE activity in India are on an upward trajectory, fueled by domestic confidence and strategic sector investments, signaling a robust deal landscape ahead. Source: Business Standard

Maverik Completes Colorado Rebrands, Donates $1 Million to Feeding America

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Maverik celebrated the first anniversary of acquiring the Kum & Go convenience-store chain by completing its store rebrands in Colorado and donating $1 million to Feeding America, the largest domestic hunger-relief organization in the U.S. The celebration took place at the rebranded North Tower Road location in Denver, with Maverik CEO and “chief adventure guide” Crystal Maggelet present to mark the occasion. The event also kicked off store transformations in Wyoming. Of the $1 million donation, $100,000 will go to the Food Bank of the Rockies, which serves communities facing food insecurity across half of Colorado and all of Wyoming. Maverik emphasized that this contribution will support Feeding America and local partner food banks across the company’s 20-state footprint, providing essential support to those in need. Maverik is ranked No. 12 on CSP’s 2024 Top 202 list of U.S. convenience-store chains by store count. During the event, Crystal Maggelet was joined by Lauren Biedron, Feeding America’s Senior Vice President of Corporate Partnerships, Jennifer Lackey, Food Bank of the Rockies’ Chief Development Officer, and Michelle Monson, Maverik’s Communications and Corporate Social Responsibility Director. Maggelet highlighted the ongoing growth and integration of Maverik and Kum & Go brands, which now span over 840 stores in 20 states from the Midwest to the West Coast. “Our acquisition of Kum & Go has strengthened our position as a leading convenience-store retailer, and I am proud of the progress we’ve made in integrating the two brands,” she said. “Our focus remains on delivering exceptional experiences for our customers, supporting our team members, and giving back to the communities we serve.” Maverik has completed 97 rebrands across Utah and Colorado, aiming to provide customers with a consistent experience across all store aspects, including food offerings, in-store ambiance, product selection, rewards programs, and customer service. Customers from former Kum & Go locations are encouraged to join Maverik’s Adventure Club or the upgraded Nitro membership to enjoy fuel discounts, freebies, and other rewards. Source: CSP Daily News  

McKesson to Acquire Controlling Interest in Florida Cancer Specialists’ Management Services for $2.49 Billion

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McKesson Corp. has announced its agreement to acquire a controlling stake in Community Oncology Revitalization Enterprise Ventures LLC (Core Ventures) for $2.49 billion in cash. Core Ventures, a business and administrative services organization established by Florida Cancer Specialists & Research Institute (FCS), supports nearly 100 FCS clinics across Florida. The transaction will give McKesson approximately 70% ownership, with FCS physicians retaining a minority interest. Core Ventures offers operational and advisory services that align practice locations, ancillary services, and patient care across FCS. The acquisition will integrate Core Ventures into McKesson’s Oncology platform, with financials reported under the US Pharmaceutical segment. FCS, which operates with more than 250 physicians and 280 advanced practice providers, will remain independently owned but will join McKesson’s US Oncology Network, enhancing community-based cancer care. “This acquisition strengthens our ability to deliver advanced treatments and enhance care experiences while reducing costs,” said Brian Tyler, CEO of McKesson. “Our collaboration with FCS and Core Ventures aligns with our commitment to improving patient outcomes and expanding access to quality care.” FCS CEO Nathan Walcker echoed the sentiment: “This partnership with McKesson and joining The US Oncology Network is a significant step for FCS. It enhances our mission to deliver patient-centered cancer care and bring cutting-edge medicine into communities across Florida.” The deal is subject to regulatory clearances and standard closing conditions. Source: hcinnovationgroup

Global M&A Deal Values Rose 11.7%, but Number of Deals Fell 12.9% in First Half of 2024: S&P Global Report

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The total value of mergers and acquisitions (M&As) globally increased by 11.7% to $1.221 trillion during the first half of 2024, according to S&P Global Market Intelligence’s Q2 2024 Global M&A and Equity Offerings Report. Despite this rise in deal value, the number of deals fell by 12.9%, with only 19,415 transactions recorded in the same period. The report highlighted that a $10 billion increase in M&A deals outside the US contributed to the growth in global deal value for the third consecutive quarter. However, the overall number of transactions remained lackluster, with large transactions driving the increase in total value. Joe Mantone, the lead author of the report, noted that while the number of deals is down, the presence of bigger deals is sustaining some growth in the overall transaction value. The report also mentioned that the M&A slowdown, which began in 2022 due to rate hikes, has continued, with the total number of global M&A transactions falling below 10,000 three times in the last four quarters. Looking ahead, Mantone suggested that clarity around the political landscape and a sustained rate-cutting cycle could create optimism for M&A and IPO activities heading into 2025.

Citius Pharmaceuticals Announces TenX Keane Shareholder Approval of Merger with Citius Oncology, Inc.

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Citius Pharmaceuticals, Inc. (Citius Pharma) has announced that shareholders of TenX Keane Acquisition (TenX) have approved the merger with Citius Pharma’s oncology subsidiary. The new public company will be named Citius Oncology, Inc. The merger, approved by the boards of both companies, is expected to close soon, pending certain conditions. This merger aims to enhance Citius Oncology’s access to public equity markets, support the commercialization of LYMPHIR, if approved, and explore additional oncology opportunities. Leonard Mazur, Chairman and CEO of Citius Pharma, expressed optimism about the merger’s potential to unlock value in their oncology assets. The agreement involves TenX acquiring Citius Pharma’s oncology subsidiary, converting shares into common stock of Citius Oncology. Upon closing, Citius Pharma will hold about 65.6 million shares of Citius Oncology, representing roughly 90% ownership. Additionally, Citius Pharma will contribute $10 million in cash, with TenX’s remaining trust account cash aiding Citius Oncology’s working capital. The transaction is detailed in the merger agreement, filed in a Current Report on Form 8-K with the SEC. Advisors for the transaction include Maxim Group LLC for Citius Pharma, Newbridge Securities Corporation for TenX, and legal advisors Wyrick Robbins Yates & Ponton LLP for Citius Pharma and The Crone Law Group P.C. for TenX. Citius Oncology will focus on developing and commercializing novel oncology therapies, with LYMPHIR aiming for FDA approval to treat cutaneous T-cell lymphoma (CTCL). The market for LYMPHIR is estimated to exceed $400 million, with robust intellectual property protections supporting its competitive positioning. If approved, LYMPHIR could be available by Q4 2024.