Top Careers & You

G.K. QUIZ 33
Wipro Technologies and Infocrossing Inc, a listed USbased provider of IT infrastructure management, enterprise applications and business outsource processing services, have entered into a definitive agreement under which Wipro will acquire 100 per cent stake in Infocrossing for $18.70 (Rs. 767) per share in an all cash deal valued at $600 million (Rs. 2,460 crore). The deal is expected to close by December 2007 subject to approvals.

Target

Acquirer

Industry

Type

Deal value (Rs. Crore)

Stake

Jindal Steel

United

JSW Steel

Metals

Acquisition

3,700

90%

Corporation, Saw Pipes of the US, and

Jindal Enterprises Infocrossing Yipes Enterprises Zavata Wipro Reliance Communications Apollo Street Pegevo Beheer Punjab Chemicals and Chemicals Acquisition 225 100% Health Healthcare Acquisition 697 100% BPO Telecom Acquisition Acquisition 2,460 1,200 100% 100%

Crop Protection MTV Networks India Watsol Organics Biomeda Group The television Media Acquisition 200 50%

18 group Arch Labs Elder Pharmaceutical Pharmaceuticals Acquisition 28 51% Pharma Pharmaceuticals Acquisition 20 100%

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Novozymes AS, a leading Danish producer of enzymes and micro organisms, has acquired the enzymes operatiosn or Biocon through Novozymes South Asia Pvt Ltd. Under the terms of the agreement, besides the consideration of $97 million (Rs. 397.7 crore), Novozymes will pay additional sums of $5 million (Rs. 20.5 crore) subject to meeting certain business targets and $13 million (Rs. 53.3 crore) towards service fees and lease payments.

Target

Acquirer

Industry

Type

Deal value (Rs. Crore)

Stake

Unza Holdings Biocons enzyme business Boston communications Group Schoeller Litvinov K.S. SLS Power Sara Lee

Wipro Novozymes

Retail Biotech

Acquisition Acquisition

1,010 471

100% 100%

Megasoft

Software

Acquisition

263

100%

Spentex Industries Bhoruka power Godrej Lee Sara

Textiles

Acquisition

101

100%

Power FMCG

Acquisition Acquisition

80 52

100% 51%

Household and Body care Vector Insurance Services Logistics Solutions LoganOrviss International Innovative Foods Lintas Punjab Tractors Orion Technology FCB Ulka Talent Fuse Wipro BioMed

Mastek

IT

Acquisition

40

30%

Kaashyap Technologies Patni Computer Systems Indian Co. IPG M and M Rolta India Hotels

Technology

Acquisition

34

100%

Computer Software Food processing Advertising Automobiles Computers

Acquisition

Undisclosed

100%

Acquisition

Undisclosed

70%

Acquisition Acquisition Acquisition

Undisclosed Undisclosed Undisclosed

51% 65% 100%

IPG SQL Star RFCL

Advertising IT Biotech

Acquisition Acquisition Acquisition

Undisclosed Undisclosed Undisclosed

100% 100% 100%

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DE Ruiter Usha Martin Metals

Acquisition

17

Undisclosed

Staalkabel ReckonUp Logix Microsystems Kausar India Anchor Daewoo Industries Brics Securities Gati Haier Appliances India Lehman Brothers HCCA Business Services 3i Infotech Computer Software Logistics Consumer Durables Financial Services BPO Acquisition Undisclosed 51% Acquisition Undisclosed 100% Acquisition Acquisition 14 Undisclosed 53% 100% Acquisition 16 100%

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Deal particulars: Vodafone acquired a 67 per cent stake in Hutchison Essar, Indias fourthlargest mobile operator, for $11.1 billion. The deal happened at an EV/EBIDTA of 28X and an EV per subscriber of $807, both representing a significant premium over listed peers. The control premium paid reflects the eagerness of Vodafone to enter the worlds fastest growing telecom market. Most countries that Vodafone operates in have reached saturation. India, which will now be Vodafones thirdlargest market in terms of subscribers, is expected to be #1 in about two years.

Target

Acquirer

Industry

Type

Deal Value (Rs. Crore)

Stake

Novelis OM&T

Hindalco Moser Baer India

Aluminum Computer Hardware

Acquisition Acquisition

26,481 Undisclosed

100%* 81%

Corus Keane Active Pharmaceutical Ingredient RSM Advisory

Tata Steel Caritor, California Actavis

Steel IT Chemicals

Acquisition Acquisition Acquisition

53,325 3,763.6 Undisclosed

100% 100% 100%

PricewaterhouseCopper

Consulting

Acquisition

Undisclosed

100%

Services Best Manufacturing Group Hutchison Essar Global Ventedge FrameFlow Sonly Imageworks Ad Dynamix eSys Technologies Gem Tours and Travels Indian Tourism Y Brant Technologies Teledata Informatics Advertising Computer Hardware Travel Tourism and Acquisition 400 100% Acquisition Acquisition 44 463 100% 51% Pictures Essar Global IT enabled Acquisition 100 100% Vodafone Telecom Acquisition 49,950# 67% GHCL Textiles Acquisition 154 100%

Services Media Acquisition 22 51%

Infrastructure (ITIL)

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Deal Particulars: Vedanta Resources has acquired Mitsuis 51 per cent stake in Sesa Goa. It has paid a consideration of $981 million (Rs. 4,120 crore); this translates to a price of Rs. 2,036 per share. Vedanta will now have to make an open offer for 20 per cent additional stake in Sesa Goa at the acquisition price. The net consideration payable for the 71 per cent (51 per cent from Mitsui and 20 per cent from the public at large) stake will come to $1.37 billion (Rs.5,754 crore), giving it a total enterprise value of $1.80 billion (Rs. 7,560 crore). Sesa Goa, the largest private sector iron ore player in India, has an annual production of around 10 million tones, and estimated reserves of 150 million tones. It earned an EBITDA of Rs. 890 crore for the year ended March 31, 2006. The acquisition values the company at $12 (Rs. 504) per tonne of reserve, and at an EV/EBITDA multiple of 8.5.

Target

Acquirer

Industry

Type

Deal Value (Rs. Crore)

Stake

Algoma Steel Sesa Goa

Essar Steel Vedanta Resources

Steel Steel

Acquisition Acquisition

6,406 4,070

100% 51%

Anchor Electricals Air Sahara Syndesis

Matsushita Electric Works Jet Airways Subex Azure

Electrical accessories Aviation Computer Software

Acquisition

2,000

80%

Acquisition Acquisition

1,450 695

100% 100%

RSH HollisterStier Laboratories Godrej Beverages and Foods Minnesota Steel Hotel Campton Place Quickmill

Golden Ace Jubilant Organosys Hershey Co

Retail Pharmaceuticals

Acquisition Acquisition

630 500

61% 100%

Food processing

Acquisition

420

51%

Essar Global Indian Co Batliboi Hotels

Steel Hospitality

Acquisition Acquisition

408 264

100% 100%

Engineering

Acquisition

25

100%

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Deal Particulars: The UB Group has acquired a 100-per cent stake in the Glasgowbased Whyte and Mackay (W and M) in allcashdeal amounting to 595 million (Rs. 4,783 crore). The group will acquire all the shares of W and M held by Chairman Vivian Imerman and other investors. W and M is currently one of the largest whisky manufactures in the world, with four different producing units in Scotland in addition to distilleries located in Scotland and other part of Europe. W and M has popular brands like Whyte and Mackay scotch whisky, Highland Malt, Isle of Jura Single Malt Whisky, Glayva Liqueur and Dalmore Single Malt. This transaction is also the largest acquisition deal in the Indian spirits and beverage industry. Target Acquirer Industry Type Deal Value (Rs. Crore) Glaceau (Tata CocaCola Co Beverages Acquisition 4,920 30% Stake

Teas Stake) Whyte Mackay Internet Europe Sakthi Auto Auto Components and Consumer durables Automobiles Acquisition 70 100% Acquisition 90 85% Acquisition 533 100% and United Spirits Liquor Acquisition 4,783 100%

Component Simon and Sons Defiance Testing Engineering Services (DTE) Detroit Engineered Products (US) Argent Independent Steel Pylania (Switzerland) Kamla and (KKDL) Empire Rubber (Australia) Motherson Elastomers and Motherson Investment NetDevices AlcatelLucent Dials Devices JSW Steel Autoline Industries and Golub Shrenuj Company Ashok Leyland

Automobiles

Acquisition

67

51%

Steel

Acquisition

67

51%

Consumer products

Acquisition

11

100%

Auto components

Acquisition

Undisclosed

100%

Computer Software

Acquisition

Undisclosed

100%

Sarabhai Zydus Animal Health IceNet

Cadila Healthcare YOU Telecom

Healthcare

Acquisition

Undisclosed

50%

Internet

Acquisition

Undisclosed

100%

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Deal Particulars: Signaling further consolidation in the Indian aviation sector, United Breweries (Holding), promoter of Kingfisher Airlines, acquired 26 per cent in Decan Aviation, promoters of Air Deccan, for Rs. 550 crore.

Target

Acquirer

Industry

Type

Deal Value (Rs. Crore)

Stake

Globeleq Americas power assets

D Constructions and Corpn.

Power

Acquisition

2.197

100%

Israel

Mars Restaurants and Sky Gourment

India Hospitality Corp.

Hospitality

Acquisition

446

100%

Catering Malvika Steel Jaiprakash Group J L French Amtek Automobiles Schooeller Litvinov Quimica Farmaceutica Nikho Grandix Pharmaceuticals NaanDan Irrigation Systems Wausaukee Composites Dunn Solutions Group, Auto Tech Sara Lee Corp (India and Sri Lanka) Tilak Sintex Industries Cranes Software International Godrej Lee Sara FMCG Acquisition 52 100% Computer Software Acquisition 70 100% Plastics Acquisition 83 81% Jain Irrigation Plastics Acquisition 87 50% Strides Arcolab Pharmaceuticals Acquisition 100 100% e Spentex Industries Cadila Healthcare Pharmaceuticals Acquisition 101 100% Auto Components Textiles Acquisition 101 100% Acquisition 142 100% Metals Acquisition 207 100%

Systems

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