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From Tatas taking over Air India to Byju’s acquiring Aakash — here are the top acquisitions of 2021

<a href="https://markets.businessinsider.com/stocks/tcehy-stock"></a><ul class="summary-list"><li>The global investment group <keyword id="8087626" type="UNKNOWN" weightage="60" keywordseo="Prosus">Prosus</keyword> is selling $14.6 billion of <keyword id="9718057" type="UNKNOWN" weightage="60" keywordseo="tencent-stock">Tencent stock</keyword>.</li><li>The deal will increase Prosus's cash reserves from $4.6 billion to roughly $19.2 billion.</li><li><keyword id="212412" type="COMPANY" weightage="60" keywordseo="Tencent">Tencent</keyword>'s American ADR has fallen roughly 20% from February 12 highs of nearly $100 per share.</li></ul><a href="https://markets.businessinsider.com/stocks/tcehy-stock">Tencent's</a> American ADR sank as much as 9.7% on Wednesday after the firm's largest shareholder, Prosus, said it plans to sell $14.6 billion worth of its stake in the Chinese multinational technology conglomerate.Tencent's Hong Kong shares fell 3.75% on the day.Prosus, the international internet assets division of the South African multinational <keyword id="6356837" type="ORGANIZATION" weightage="60" keywordseo="naspers">Naspers</keyword>, will remain Tencent's largest shareholder holding some 28.9% of the company.Prosus also said it will not sell any more Tencent shares for at least the next three years.<a href="https://markets.businessinsider.com/stocks/naprf-stock">Naspers</a><a href="https://www.wsj.com/market-data/quotes/NPSNY?mod=chiclets"> </a>paid $34 million for a 46.5% stake in Tencent in 2001, three years before the company went public in Hong Kong in June 2004. The acquisition was one of the most lucrative venture capital deals of all time netting Naspers billions.Before the latest sale, Naspers, through Prosus, owned a 30.9% stake in Tencent.The deal is set to increase Prosus' cash reserves from $4.6 billion to roughly $19.2 billion.Tencent is the world's largest videogame company by revenue and operates the popular WeChat app. The company outperformed in 2020 amid an increased stay-at-home audience for its games and apps during the pandemic.Tencent's stock has made huge strides over the past few years due in large part to its lucrative investments in tech firms like Snapchat, the Chinese e-commerce company Pinduoduo, and the delivery and shopping platform Meituan.The company's ADR, which trades on OTC <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>, reached highs of nearly $100 per share on February 12-giving the company a valuation of over $900 billion-but has fallen roughly 20% in the past few months.Share prices were hurt by investors' fears of <a href="https://markets.businessinsider.com/news/stocks/tencent-sheds-65-billion-government-crackdown-ant-group-2021-3-1030203312">China's recent crackdown</a> on big tech names. After Wednesday's fall, Tencent has lost over $150 billion in market cap from its record highs. Shares of the company's ADR traded down 7.63% as of 3:23 p.m. ET after mounting a mild recovery.<div type="image" title="tcehy chart" height="708" width="830" msid="81959098" hostid="261"></div>

Tencent falls nearly 8% after the firm's largest shareholder said it plans to sell $14.6 billion of its holdings

<ul class="summary-list"><li>BlackRock has written off its investment in once-hot Indian tech company Byju.</li><li>The Indian education tech giant is facing legal and financial troubles.</li></ul>In another blow to education tech giant Byju's, investor BlackRock says its stake in the once-hot company is worth nothing.In 2022, the education tech company said it raised $800 million at a $22 billion valuation.BlackRock was the first investor to publicly signal the company's troubles. In a first-quarter summary for some of its funds, the asset manager valued its stake in Byju's at $0, a number that has not been previously reported. In October, BlackRock slashed its valuation of the startup to less than $1 billion, <a target="_blank" href="https://techcrunch.com/2024/01/11/blackrock-cuts-byjus-valuation-by-95-to-1-billion/">TechCrunch reported.</a>BlackRock invested in Byju's parent Think &amp; Learn through <a target="_blank" href="https://www.blackrock.com/us/individual/literature/first-quarter-report/fqr-retail-blackrock-science-and-technology-trust.pdf">various</a> <a target="_blank" href="https://www.blackrock.com/us/individual/literature/investor-education/bcat-commentary.pdf">funds</a>, all of which appear to have written off the investment in recent filings.HSBC, which is not an investor in Byju's, said in a recent research note that Dutch tech investor Prosus' stake in Byju was worth nothing. Prosus owns nearly 10% of the company and invested about $500 million in Byju's."We assign zero value to Byju's stake amid multiple legal cases and funding crunch. Previously, we valued ~10% stake in Byju's by applying 80% discount to the latest publicly disclosed valuation," the HSBC analyst wrote.The Bengaluru-based company is facing significant turmoil.Earlier this week, a group of lenders asked a US court to initiate bankruptcy proceedings against Byju's subsidiaries <a target="_blank" href="https://www.business-standard.com/technology/tech-news/byju-s-now-worth-zero-hsbc-warns-prosus-amid-legal-financial-troubles-124060700146_1.html">over a $1.2 billion loan.</a> The company also <a target="_blank" href="https://inc42.com/buzz/byjus-slashes-salaries-for-new-sales-hires-by-more-than-90/">cut the salaries</a> of new sales hires by 90% in an attempt to cut costs, local outlet Inc42 <a target="_blank" href="https://inc42.com/buzz/byjus-slashes-salaries-for-new-sales-hires-by-more-than-90/">reported</a> on Thursday.Byju's investors, including Prosus, are <a target="_blank" href="https://www.business-standard.com/companies/news/byju-s-egm-shareholders-vote-to-remove-ceo-raveendran-and-his-family-124022300919_1.html">seeking the removal of its CEO</a>, Byju Raveendran, and his family members from the board. The company's India CEO left in April, and it missed filing its 2023 financial reports.The digital and physical tutoring company was seen as a star in the Indian startup scene and even sponsored the Indian cricket team until 2023. It is backed by the Chan-Zuckerberg Initiative, Sequoia Capital, and Tencent, among others.Byju's first gained popularity during the pandemic for its unique approach to learning. The company faced challenges in 2022 after students began returning to schools and expensive acquisitions affected its bottom line.The company planned to<a target="_blank" href="https://www.bloomberg.com/news/articles/2023-07-26/star-founder-broke-down-in-tears-as-crises-engulfed-byju-s"> go public through a SPAC deal</a> in 2022, which did not ultimately pan out.Byju's and BlackRock did not immediately respond to requests for comment.Correction: This story has been updated to reflect that HSBC wrote about an investor's interest in Byju's. HSBC did not invest in Byju's.

India's once-hot startup Byju's was valued at $22 billion. Now, BlackRock says its investment is worth nothing.

New Delhi, Ed-tech titan <keyword id="3320944" type="General" weightage="20" keywordseo="Byjus" source="Orion">Byjus</keyword> is looking to sell its overseas ventures Epic and Great Learning to pay back its entire USD 1.2 billion (Rs 9,956 crore) loan to lenders, a source familiar with the matter said. The ed-tech decacorn has been in discussions with the lenders and has made a proposal to clear its Term B loan, the source said. Byju's hopes to garner between USD 800 million to USD 1 billion from the sale of Epic, the US-based kids learning firm, and Great Learning - the upskilling platform. The firm is also working on raising fresh capital from equity sales, and is working with bankers for the sale of the aforementioned key assets to strategic investors -- which has also garnered interest, the source said. An email sent to the ed-tech platform for comments remained unanswered. India's most-valued startup is hoping to repay the entire USD 1.2 billion term loan B (TLB) in under six months. Of this, it is proposing to repay USD 300 million in the next three months. Lenders have not yet responded to the proposal. Byju's in November 2021 raised USD 1.2 billion in debt through a term loan facility (TLB) from a group of overseas investors. A TLB is a type of senior secured syndicated credit facility that is issued by global institutional investors. Typically, the proceeds from a TLB are used to either refinance an existing debt or to make overseas acquisitions in order to enhance a company's offerings. Byju's had acquired Aakash USD 950 million in 2021. In July this year, the steering committee of ad hoc term loan lenders is reported to have agreed to amend the USD 1.2 billion term loan. The development comes after the company formed an advisory council with ex-Infosys CFO Mohandas Pai and Bharatpe Chairman and former SBI chief Rajnish Kumar after the exit of investors G V Ravishankar of Sequoia Capital (now Peak XV Partners), Vivian Wu of Chan Zuckerberg Initiative and Russell Dreisenstock of Prosus. Byjus had acquired Epic in a USD 500 million cash-and-stock deal in May 2022.

Byjus proposes sale of overseas units to repay $ 1.2 billion loan

Online food delivery platform <keyword id="6358977" type="General" weightage="100" keywordseo="swiggy" source="Orion">Swiggy</keyword>'s losses doubled to ₹3,629 crore in FY22 compared to ₹1,617 crore in the last fiscal year. Total expenses went up 131% to ₹9,574.5 crore in FY22. According to its annual financial statement with the Registrar of Companies (RoC), during the last quarter of FY22, Swiggy turned "decacorn" (with a valuation of $10 billion and above) after raising a $700 million round led by Invesco. Meanwhile, Swiggy's revenue grew 2.2 times to ₹5,705 crore during FY22 as opposed to ₹2,547 crore in FY21. According to Entrackr, outsourcing support costs accounted for 24.5% of the total expenses of the company. This particular cost increased 2.3 times to ₹2,350 crore in FY22 from ₹1,031 crore in FY21. Its advertising and promotional expenses surged 4 times to reach ₹1,848.7 crore during FY22, according to the report. Reports surfaced last month that Swiggy may lay off more than 250 employees or up to 5% of its workforce starting January. "There have been no layoffs at Swiggy. We concluded our performance cycle in October and have announced ratings and promotions at all levels. As with every cycle, we expect exits based on performance," a Swiggy spokesperson had said in a statement. The upcoming layoffs are likely to impact Swiggy's quick commerce delivery service <keyword id="9728281" type="General" weightage="50" keywordseo="instamart" source="Orion">Instamart</keyword> to reduce cash burn. In November, global brokerage firm <keyword id="151304" type="General" weightage="50" keywordseo="jefferies" source="Orion">Jefferies</keyword> said that Swiggy was fast losing market share to its rival <keyword id="11830133" type="DOMAIN" weightage="20" keywordseo="zomato" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="zomato" meta.entityname="Zomato Ltd." meta.entityid="57948" meta.seoname="zomato-ltd">Zomato</keyword> despite offering heavy discounts. Citing Swiggy investor Prosus' financial report, Jefferies said that the gross value of Swiggy's food delivery business was $1.3 billion in the January-June period this year. Zomato in the same period logged a gross order volume of $1.6 billion. In May last year, Swiggy acquired Dineout, a dining-out and restaurant tech platform, for an undisclosed sum. According to sources, the acquisition size was around $200 million. Earlier this year, the food delivery platform raised $700 million led by Invesco at a $10.7 billion valuation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tvs-motor-sales-slip-3-58-to-242012-units-in-dec/articleshow/96681654.cms">TVS Motor sales slip 3.58% to 2,42,012 units in Dec</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-manufacturing-pmi-hits-13-month-high-in-dec-on-rise-in-new-orders-strong-demand/articleshow/96678340.cms">India's manufacturing PMI hits 13-month high in Dec on rise in new orders, strong demand</a>

Swiggy's losses jump 2X to ₹3,629 crore in FY22, layoffs coming

MANDEL NGAN/AFP via Getty ImagesAmazon CEO Jeff Bezos<ul class="summary-list"><li>Analysts at Mizuho Securities wrote in a note that <a href="https://www.businessinsider.com/category/amazon">Amazon</a> could be the highest bidder for <a href="https://www.businessinsider.com/category/grubhub">Grubhub</a>, following the WSJ report about a possible sale.</li><li>The note said that the acquisition would help Amazon make food delivery a "complementary service" to Prime members.</li><li>Morgan Stanley's analysts, however, wrote in a note that Grubhub's potential acquisition could draw intense regulatory scrutiny, given its broader market implications.</li><li><a href="https://www.businessinsider.com/prime">Click here to read more BI Prime stories.</a></li></ul>If <a href="https://www.businessinsider.com/softbank-may-get-winner-and-loser-in-food-delivery-market-2020-1">Grubhub does end up selling itself</a>, Amazon could be the frontrunner to buy the food-delivery company, according to analysts at Mizuho Securities.In a note published on Wednesday, Mizuho's analysts predicted that Amazon has the potential to be the highest bidder for Grubhub, following the <a href="https://www.wsj.com/articles/grubhub-considers-strategic-options-including-possible-sale-11578505832">Wall Street Journal's report about a possible sale</a>. The financial research firm said a Grubhub acquisition could add food delivery to the many perks offered to Amazon's Prime members."We believe [Amazon] views food delivery business as a complementary service to Prime members, similar to its acquisition of Whole Foods and PillPack," the note said.The prediction reflects the continued speculation around Amazon's interest in the food-delivery space. Amazon has previously tested a food delivery service called Amazon Restaurants, which <a href="https://www.businessinsider.com/amazon-discontinuing-amazon-restaurant-food-delivery-service-2019-6">shut down last year</a> after failing to gain market share. The e-commerce company also led the <a href="https://www.businessinsider.com/amazon-leads-575-million-investment-in-deliveroo-2019-5">$575 million investment</a> in the UK food delivery startup Deliveroo last year.Mizuho's analysts said other potential buyers include Prosus, the internet investment fund for Naspers, and other private food-delivery companies, as they look to consolidate the market. But the acquisition would be costly at an estimated $7 billion price tag, a 35% premium to the current stock price, the note said.The Wall Street Journal reported on Wednesday that Grubhub is considering a number of strategic moves, including a sale of the company or an acquisition. The discussions are at an early stage and it's also possible the company won't make any changes, the report said.<h2>Potential regulatory scrutiny</h2>While Grubhub's potential sale makes sense, the move is likely to draw heavy regulatory scrutiny, according to analysts at Morgan Stanley.Grubhub is one of the largest companies in the space, and any industry consolidation would have broader market implications for regulators to scrutinize, Morgan Stanley wrote in a note Thursday. For example, regulators in the UK are currently reviewing Amazon's investment in Deliveroo."We would expect any potential acquisition to be heavily reviewed by regulators given the potential long-term market influence and impact on small and large restaurants," Morgan Stanley's note said.Still, Morgan Stanley says a market consolidation is needed in the food-delivery space, as the cash burn is too intense among competitors. Plus, Grubhub makes for an attractive acquisition target because of its highly profitable New York business and the potential cost savings it could bring to the buyer, it said - adding that <a href="https://www.businessinsider.com/category/uber">Uber</a> could also benefit from a Grubhub acquisition."It would appear that Uber may be the most likely potential suitor, and should such a transaction emerge, in our view, this would be bullish for Uber," Morgan Stanley's note said.<a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=amazon&amp;itm_campaign=40-big-tech-predictions-for-2019-2"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/secret-hidden-airplane-safety-features-2019-12">8 secret airplane safety features you didn't know existed</a></h3>

You Searched For "Prosus acquisition" and got 6 results

From Tatas taking over Air India to Byju’s acquiring Aakash — here are the top acquisitions of 2021

Kritti Bhalla

Tencent falls nearly 8% after the firm's largest shareholder said it plans to sell $14.6 billion of its holdings

Will Daniel

India's once-hot startup Byju's was valued at $22 billion. Now, BlackRock says its investment is worth nothing.

Shubhangi Goel

Byjus proposes sale of overseas units to repay $ 1.2 billion loan

PTI

Swiggy's losses jump 2X to ₹3,629 crore in FY22, layoffs coming

IANS

Amazon could buy Grubhub even though it shut down a similar food delivery service last year, analyst says

Eugene Kim

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