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Global M&A market dropped by 15%, the lowest in a decade!

As India’s start-up ecosystem matures, a new trend is emerging: <keyword id="23791918" type="General" weightage="20" keywordseo="micro-acquisitions" source="Orion">micro-acquisitions</keyword>. This approach – focussed on buying smaller businesses – has become increasingly popular among Indian entrepreneurs looking for cost-effective growth avenues. Platforms like <keyword id="23791917" type="General" weightage="20" keywordseo="flippa" source="keywords">Flippa</keyword> are at the forefront of this shift, facilitating these transactions by offering a user-friendly, data-rich environment where buyers and sellers can connect seamlessly. In a country that has seen rapid growth in entrepreneurship, micro-acquisitions represent a shift from the traditional emphasis on large scale deals. And this trend is being fuelled by an influx of domestic funds and micro venture capital (VC) firms dedicated to nurturing early-stage startups. <h2>Changing Mindsets: Why Micro-Acquisitions?</h2>Entrepreneurs are turning to micro-acquisitions for the flexibility, speed and cost-efficiency that they offer. By targeting smaller, less capital intensive deals, they are able to side step the complexities of a traditional M&amp;A, making it a viable pathway for expansion and growth. Besides these can also help entrepreneurs diversify their holdings and adapt to market demands without overcommitting resources. Flippa allows Indian entrepreneurs to access a global marketplace where they can identify businesses aligned with their objectives. <h2>The M&amp;A Landscape in India</h2>While the US mergers and acquisitions market has seen slower growth, private capital inflows in India are on the rise, according to <a href="https://www.pwc.com/gx/en/services/deals/trends/private-capital.html">PwC</a>. The second quarter of 2024 proved to be a landmark period for Indian startups, with a 57% year-on-year surge in megadeals driving fundraising to an eight-quarter high of $5.2 billion, as reported by <a href="https://www.dealstreetasia.com/reports/india-deal-review-q2-2024">Deal Street Asia</a>. Flippa has capitalised on this trend. A marketplace founded in 2009 for buying and selling online businesses, it has amassed over 3 million users worldwide. As of <a href="https://flippa.com/data-insights?buy_sell=PR_DataInsights_EmbedGraphs">October 2024</a>, Flippa had 396,000 active buyers on its platform with a combined wallet of $75 billion, an increase of 15,000 active buyers month-on-month. This broad, engaged user base gives Indian entrepreneurs a diverse pool of acquisition targets, from digital properties to app-based ventures. Notably, data-driven app acquisition companies like KalaGato leverage Flippa to identify the right opportunities. “If you’re trying to get into the market, a platform like Flippa is a great place to start,” said Aman Kumar, Founder of KalaGato. <h2>Cutting Edge Technology At Work</h2>Flippa’s technology sets it apart, using a proprietary <a href="https://flippa.com/product/recommender-engine">matching algorithm</a> powered by an AI-driven graph neural network that assesses over 100 factors to match buyers and sellers. This technology streamlines the acquisition process, helping entrepreneurs find suitable opportunities more efficiently, especially in a crowded market like India, where navigating business brokers or directly approaching potential sellers can be time-consuming and fraught with challenges. “Flippa as a platform is continuously evolving. Once you start looking at exits or the potential to exit a business, then a platform like Flippa is super useful,” Kumar adds, emphasising the platform's adaptability to the needs of modern entrepreneurs. Another standout feature is its <a href="https://flippa.com/product/deal-room">multi-user Deal Room</a>. This comprehensive digital sales hub allows users to manage the entire sales process for online businesses and digital assets in one place. Sellers can communicate with buyers in real time, filter messages, and review offers and Letters of Intent (LOIs) within the Deal Room itself. This organisation is particularly helpful for entrepreneurs who may be overwhelmed by the volume of inquiries when trying to sell their business. The Deal Room provides real-time notifications about buyer engagement, ensuring that users can respond promptly and keep negotiations moving forward. Buyers are invited to the Deal Room on a scheduled basis, creating a structured interaction environment. <h2>Prioritising Security and Trust</h2>A secure transaction environment is crucial, especially for entrepreneurs new to acquisitions. Flippa’s <a href="https://flippa.com/product/insurance">insurance</a> policies offer this layer of security for both buyers and sellers. The Buyer Protect policy safeguards buyers against financial losses resulting from seller misrepresentation or breaches of warranty, covering up to 100% of the enterprise value of the business. Meanwhile, the Seller Protect policy shields sellers from potential financial losses, creating a balanced environment for transactions. This dual protection reinforces trust and allows the involved parties to focus on growth without worrying about potential hidden risks. <h2>Market Insights for Informed Decision-Making</h2>To further assist users in making informed decisions, <a href="https://flippa.com/product/market-insights/">Flippa Market Insights</a> provides valuable data on online businesses and digital assets. This tool enables users to compare prices of similar businesses, benchmark performance metrics like average order value and customer lifetime value, and access real-time sales data, including historical performance information. Users can filter this data by time period, business model, and price point, ensuring they have the insights needed to navigate the acquisition landscape effectively. Flippa’s expert vetting team reviews the stated financial performance of every asset priced above USD $50,000, providing an additional layer of credibility to the listings. <h2>A Bright Future for Micro-Acquisitions in India</h2>With the Indian startup ecosystem thriving and the appetite for micro-acquisitions only expected to grow, Flippa stands at the forefront by connecting ambitious entrepreneurs with the resources they need to succeed. Whether you’re an established business owner looking to expand your portfolio or a newcomer eager to dip your toes into entrepreneurship, Flippa offers a wealth of opportunities in this exciting landscape. So, if you are interested in starting your exit journey, get a free valuation for your business here - <a href="https://flippa.com/free-valuation">get a FREE valuation</a>. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>

The rise of micro-acquisitions in India: How Flippa is driving the trend

<ul><li>Deal volumes jumped by 21% to 191 while the values declined by 37% to USD 9.4 billion in <keyword id="20061151" type="General" weightage="20" keywordseo="April" source="keywords">April</keyword> compared to March 2024</li><li>Adani Group's three major domestic consolidations of around USD 2 billion in value marked 38% of the total deal values in April 2024.</li><li>Experts predict sustained momentum and growth in deal activities, supported by strong fundamentals and a conducive investment climate.</li></ul> In the dynamic landscape of Indian business transactions, the manufacturing sector has emerged as a beacon of value, while consumer retail reigns supreme in volume. April 2024 marked significant shifts in deal-making compared to the month before with a notable absence of billion-dollar deals. Overall deal volumes jumped by 21% to 191 while the values declined by 37% to USD 9.4 billion in April compared to March 2024, as per the latest <keyword id="20034170" type="General" weightage="20" keywordseo="Grant-Thornton-Bharat" source="keywords" meta.keywordsubtype="org" meta.entityname="Grant Thornton Bharat" meta.hostid="83" meta.entityid="Grant Thornton Bharat">Grant Thornton Bharat</keyword> Dealtracker report. The past month has witnessed a flurry of activity, with notable shifts and surges across various industries, offering a compelling glimpse into the evolving economic terrain. "Deal volumes increased in April 2024 marking the highest monthly volumes since May 2022. There were no billion-dollar deal but witnessed 12 high value (&gt; USD 100 million) deals amounting to USD 3.8 billion," said Shanthi Vijetha, Partner at Grant Thornton. <cmsannotation type="cmsannotation" annotationid="Adani Group leads M&amp;A activity" comment="subhead" text="Adani Group leads M&amp;A activity">Adani Group leads M&amp;A activity</cmsannotation> At the forefront of deal values stands the manufacturing sector, boasting an impressive tally of nine transactions amounting to a staggering USD 1,919 million. This surge is underpinned by two monumental deals, notably the Adani Group's strategic stake increase in Ambuja Cement and ACC, which was the most significant M&amp;A activity of the month. Adani Group secured a significant 7.5% stake in Ambuja Cements, injecting a substantial USD 1.8 billion into enhancing the manufacturing capacity of cement makers, signaling a bold step towards industry expansion and innovation. Overall, the group's three major domestic consolidations of around USD 2 billion in value marked 38% of the total deal values in April 2024. Despite this, the <keyword id="21645622" type="General" weightage="20" keywordseo="merger-and-acquisitions" source="keywords">merger and acquisitions</keyword> transactions saw the highest decline in value, dropping by 75 percent to USD 2.5 billion from USD 10.2 billion in March. This was mainly because of the absence of large-scale mergers like those seen in March. However, M&amp;A deal-making remained robust in April with significant domestic consolidations. "This month's activity, characterized by deal volumes spanning across breadth of sectors and by large deals by select players, illustrates a market that is both diverse and robust," observed Shanthi. <cmsannotation type="cmsannotation" annotationid="Private Equity landscape remains vibrant" comment="subhead" text="Private Equity landscape remains vibrant"><keyword id="19895041" type="General" weightage="20" keywordseo="private-equity" source="keywords">Private Equity</keyword> landscape remains vibrant</cmsannotation> The private equity transactions also experienced a slight decrease in value, reaching USD 2.666 billion, according to the report by Grant Thornton Bharat. However, with a total of 130 deals, the overall market landscape remains vibrant. The numbers indicate a clear shift towards enhanced number of investments while the size of the deals remains smaller compared to previous months. "The stable value of investments, despite the higher number of transactions, indicates a strategic adjustment towards spreading investments across various sectors, aiming to capitalize on emerging opportunities while mitigating large-scale risks," says the report. "The deal outlook for 2024 continues to remain positive as India stands at the cusp of a new era of growth and investment supported by a growing consumer market, a flourishing tech start-up ecosystem, and supportive government policies," concludes Shanthi Vijetha. Factors that could influence domestic markets in the near future include the outcome of Lok Sabha elections, global and domestic trends in interest rates driven by inflation, and supply chain dynamics. However, experts predict sustained momentum and growth in deal activities, supported by strong fundamentals and a conducive investment climate.

Volumes up, values down: April 2024 marks notable shifts in India's deal-making landscape

New Delhi: After two <keyword id="19945688" type="General" weightage="20" keywordseo="acquisitions" source="keywords">acquisitions</keyword> this year, India's second-largest IT services company <keyword id="19906778" type="General" weightage="100" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="268" meta.entityid="Infosys">Infosys</keyword> is on the lookout to scoop-up more firms and says the acquisition matching scale of recent in-tech buy is certainly a possibility. In an interview to PTI, <keyword id="24144" type="General" weightage="20" keywordseo="infosys-ceo" source="Orion">Infosys CEO</keyword> <keyword id="20115570" type="General" weightage="20" keywordseo="salil-parekh" source="keywords">Salil Parekh</keyword> said the company is keen on acquisitions in areas like data analytics, SAAS, and may look at some geographies within Europe, and the US. Asked if more acquisitions could be of the scale matching in-tech, which came with a price-tag of 450 million euros, <keyword id="20039787" type="General" weightage="20" keywordseo="parekh" source="keywords">Parekh</keyword> said, "Absolutely, I think those would be the size that we will look at in terms of scale, and given our structure we could do a few of those." Back in January, Infosys announced a definitive agreement to acquire 100 per cent of the equity share capital in InSemi Technology Services, a semiconductor design services company headquartered in India, for a consideration (including earn-outs, and management incentives and retention bonuses) totalling up to Rs 280 crore. A bigger acquisition followed in three months. In April, Infosys Germany, a wholly-owned step-down subsidiary, entered into a definitive agreement to acquire 100 per cent of the equity share capital in in-tech Holding -- leading provider of engineering R&amp;D services headquartered in Germany -- for a consideration of up to 450 million euros (about Rs 4,045 crore). "We have very good business in engineering services already within Infosys and then we did those two acquisitions, both of them in engineering services, one on semiconductor side and one on the automotive side... very strong businesses, and we feel quite good about expanding that footprint," Parekh said. Infosys is eyeing more acquisitions, he said, adding that the company is evaluating several firms. "We have a good balance sheet and good cash generation and now we are quite comfortable with the integration of acquisition in different areas. We have done engineering services, we will look at other areas... for example data analytics... may look at SAAS (software as a service) areas, and maybe at some other geographies in Europe, maybe the US as well," he said. Parekh, however, said a lot depends on strategic synergies, financial cost, cultural fit and integration aspects. "We are continuing to look, and we have things that are normally in the pipeline but those take their own time... there are a lot of discussions on strategic fit, on financial cost of it and cultural fit into the company and then how will we integrate them. Many of those discussions are ongoing and we will see what comes out," the Infosys top honcho said. On whether he is hopeful of closing more acquisitions this fiscal year, Parekh indicated that it is tough to put a timeline on the outcome of ongoing discussions. "It is difficult to say... we are evaluating several (of them). But to get a fit on the strategic parameters, financial parameters, culture, integration... all of it may not work out. But these two (InSemi and in-tech) happened relatively quickly... before that for some quarters we had not done anything. It is not a predictable thing, but the evaluation is ongoing," he said. According to the Grant Thornton Bharat Dealtracker Q2 2024 report, Indian dealmaking saw overall 501 deals, valued at USD 21.4 billion. The report said the second quarter of 2024 witnessed the highest quarterly volumes since the second quarter of 2022, while values declined due to the absence of big-ticket merger and acquisition transactions. Grant Thornton Bharat Dealtracker further said the merger and acquisition (M&amp;A) activity during the second quarter saw 132 deals worth USD 6.2 billion, marking a slight increase in volumes but a substantial 50 per cent drop in values. As per the report, domestic deals drove growth with volumes rising 29 per cent and values increasing 2.5 times compared to the first quarter of the current year. In contrast, cross-border deals experienced a decline, with volumes decreasing 24 per cent and values plummeting 85 per cent from the first quarter of 2024.

Infosys is keen on more acquisitions, says CEO Salil Parekh

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/kroger-plans-1-billion-by-selling-your-grocery-data-2023-2">Kroger</a> and Albertsons are facing off against the FTC in court over their proposed $24.6 billion merger.</li><li>The FTC argues the merger would reduce competition and raise grocery prices.</li></ul>The fate of the <a target="_blank" class="" href="https://www.businessinsider.com/how-kroger-albertsons-merger-impact-workers-shoppers-grocery-inflation-2022-11">largest supermarket merger</a> in US history hangs in the balance as an ongoing three-week hearing unfolds inside an Oregon federal courtroom.Supermarket giants Kroger and <a target="_blank" class="" href="https://www.businessinsider.com/where-kroger-and-albertsons-grocery-stores-overlap-2022-12">Albertsons</a> are duking it out in court against regulators who are trying to block the companies <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/ftc-states-sue-to-block-kroger-s-24-6-bln-albertsons-deal-1033106297">proposed $24.6 billion merger</a> over antitrust concerns.The chains argue that Kroger's acquisition of Albertsons would boost competition with behemoth retail rivals like <a target="_blank" class="" href="https://www.businessinsider.com/walton-family-sam-walmart-stock-billionaires-estate-planning-inheritance-wealth-2024-8">Walmart</a>, <a target="_blank" class="" href="https://www.businessinsider.com/canceled-costco-membership-bad-for-me-would-never-go-back-2023-9">Costco</a> and <a target="_blank" class="" href="https://www.businessinsider.com/amazon-aws-sales-guidelines-spread-doubt-about-openai-ai-capabilities-2024-8">Amazon</a>, while regulators from the <a target="_blank" class="" href="https://www.businessinsider.com/jeff-bezos-amazon-execs-signal-messaging-app-ftc-investigation-2024-4">Federal Trade Commission</a> allege the opposite, saying the deal is actually anticompetitive and would result in higher grocery prices for millions of Americans, as well as lower wages for workers.Both sides are currently making their case before US District Judge Adrienne Nelson, who will ultimately decide at the end of the hearing next month whether to approve the FTC's request for a preliminary injunction against the merger.Already this week, a <a target="_blank" class="" href="https://www.businessinsider.com/kroger-milk-eggs-prices-increased-beyond-inflation-executive-testifies-report-2024-8">Kroger executive's internal email about price hikes</a> for eggs and milk beyond the added costs from inflation has drawn scrutiny in the courtroom.If the judge overseeing the hearing ultimately rules in favor of the FTC, the deal between Kroger and Albertsons could end up torpedoed completely. A temporary injunction would put the merger on ice as the FTC holds a separate in-house proceeding over the deal before an administrative law judge."This merger will not occur if this injunction is in place," Kroger attorney Matthew Wolf <a target="_blank" class="" href="https://www.cincinnati.com/story/money/2024/08/27/ftc-kroger-albertsons-grocery-merger-update-federal-court-hearing/74887346007/">told</a> the court on Monday as the federal court hearing kicked off in Oregon.<div type="image" title="FILE PHOTO: Customers leave an Albertsons grocery store with their purchases in Burbank, California, U.S., July 17, 2012. REUTERS/Fred Prouser" height="2023" width="3000" msid="112932546" hostid="261" sizebytes="279094"></div>Wolf <a target="_blank" class="" href="https://apnews.com/article/kroger-albertsons-grocery-merger-ftc-9fdb26cc044ee21a7a486c03caae6a5d">said</a> that the FTC's internal administrative process is so drawn out that merger deals typically collapse before the proceedings are completed.In his opening statements to the court on Monday, Wolf <a target="_blank" class="" href="https://www.reuters.com/business/retail-consumer/us-ftcs-bid-block-kroger-albertsons-merger-heads-trial-2024-08-26/">argued</a> that the merger would instantly lower some prices for patrons at Albertsons stores, where company officials disclosed are up to 12% higher than Kroger's.The attempt by federal regulators to lower prices by blocking the merger shows that "they neither understand the industry nor the parties within it," said Wolf."Supermarkets are losing this food fight, and who are they losing it to? Walmart, Costco, and Amazon, among others," Wolf <a target="_blank" class="" href="https://www.supermarketnews.com/kroger/kroger-albertsons-get-their-day-court">told</a> the court.Albertsons attorney Enu Mainigi said that the retailer may be forced to close stores and lay off workers if the merger does not go through.The FTC's chief trial counsel, Susan Musser, <a target="_blank" class="" href="https://www.nytimes.com/2024/08/26/business/economy/ftc-kroger-albertsons-merger-court.html">argued</a> in her opening statement on Monday that the proposed merger "would eliminate the competition that shoppers and workers depend on in one fell swoop.""This lawsuit is part of an effort aimed at helping Americans feed their families," Musser <a target="_blank" class="" href="https://apnews.com/article/kroger-albertsons-grocery-merger-ftc-9fdb26cc044ee21a7a486c03caae6a5d">said</a>.Dozens of witnesses are expected to testify at the hearing over the next couple of weeks, including the CEOs of Kroger and Albertsons.<h2 id="90321246-9194-42a3-8a64-73496bafb64b">Regulators sued to block the Kroger-Albertsons merger deal earlier this year</h2><div type="image" title="Kroger" height="3456" width="5184" msid="112932542" hostid="261" sizebytes="999610"></div>In February, more than a year after Kroger and Albertsons announced the merger mega-deal, the FTC sued to block it.Attorneys general in Arizona, California, Illinois, Maryland, Nevada, New Mexico, Oregon, Wyoming and the District of Columbia all joined the FTC's lawsuit. The attorneys general in Colorado and Washington have also filed separate lawsuits in an attempt to halt the deal."Kroger and Albertsons are two of the largest supermarket chains in thousands of local communities throughout the country," attorneys argue in the FTC lawsuit. "In hundreds of those communities, the proposed acquisition would create a single supermarket with market shares so high as to be presumptively unlawful under the antitrust laws."The lawsuit alleges that "the proposed acquisition would also eliminate the substantial head-to-head competition between Kroger and Albertsons that exists today, which risks higher prices and lower quality for consumers."The FTC says in its lawsuit that the stakes for Americans are "exceptionally high" as the agency notes how grocery prices have risen significantly in recent years."The fierce competition between these two grocery giants has benefited millions of American consumers through lower prices for food and household essentials," the lawsuit says. "It has also benefited hundreds of thousands of grocery store workers who, as a result of competition for their labor, earn better wages and benefits."It continues, "If allowed to proceed, the proposed acquisition would destroy this competition, likely making it more expensive for millions of families to put food on the table."Meanwhile, Kroger filed a lawsuit against the FTC last week, arguing that the agency's administrative proceeding against the merger violates the Constitution while citing, in part, a <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-strips-sec-enforcement-power-financial-fraud-jarkesy-2024-6">recent Supreme Court ruling</a>."The merger between Kroger and Albertson's is squarely focused on ensuring we bring customers lower prices starting day one while securing the future of good-paying union jobs," Kroger CEO and chairman Rodney McMullen <a target="_blank" class="" href="https://ir.kroger.com/news/news-details/2024/Kroger-Files-Motion-to-Enjoin-the-FTCs-Administrative-Merger-Challenge/default.aspx">said</a> in a statement at the time."We stand prepared to defend this merger in the upcoming trial in federal court – the appropriate venue for this matter to be heard – and we are asking the Court to halt what amounts to an unlawful proceeding before the FTC's own in-house tribunal," McMullen said.Kroger operates more than 2,700 stores across 36 states under names including Fred Meyer, Dillon's and Smith's, while Albertsons controls more than 2,200 stores across 35 states under banners like Safeway, Shaws, and Acme.In 2022, Kroger and Albertsons generated more than $148 billion and $72 billion in revenues, respectively.As part of the proposed merger, Kroger and Albertsons said they would sell 579 stores to the grocery supply company C&amp;S Wholesale Grocers.

Inside the legal battle over the fate of the biggest supermarket merger in US history

<ul><li>The September quarter of 2023 saw a total of 40 deals valued at $1.7 bn, which is a fall of 30% in value terms.</li><li>A total of 30 private equity deals were executed in the BFSI space, cumulatively valued at $566 million.</li><li>Investors show preference for credit-based financial companies with strong profitability metrics, but are still hesitant to make new investments until they gain more confidence. </li></ul> <keyword id="2023017" type="General" weightage="20" keywordseo="Unicorns" source="Orion">Unicorns</keyword> are likely to become scarcer as the funding winter is nowhere near over. The go-go days of private equity investments may be well behind us going by quarterly data on deals. With two of the biggest private equity players not committing any money to India’s startups this year, both volume and value of deals are on the downswing. The September quarter of 2023 saw a total of 40 deals valued at $1.7 bn, which is a fall of 30% in value terms. Private equity investors are looking at exits rather than investing in new businesses. However, investor interest is holding up in the banking and financial services sector. In the last quarter, a total of 30 private equity deals were executed in the sector, cumulatively valued at $566 million. Among these transactions, fintech claimed the spotlight with a 30% share in terms of deal volumes, even though sequentially value and volume showed a dip. However, banking and non-banks rule the charts with respect to values, contributing a 77% share in overall investments. According to the <keyword id="131240" type="General" weightage="80" keywordseo="grant-thornton" source="Orion">Grant Thornton</keyword> Bharat Financial Services Dealtracker Report, volumes have seen a 23% decline, from 52 deals last quarter. The slowdown is only seen in private markets as public markets continue to shine bright, with India outperforming other emerging markets in the region this year. According to the Dealtracker Report, investors are showing interest in credit-based financial companies with strong profitability indicators, but they are still hesitant to make new investments until they gain more confidence. Vivek Iyer, Partner, National Leader Financial Services Risk Advisory, Grant Thornton Bharat, said, “As we navigate a landscape marked by increasing interest rates and global inflation, the balancing act of central banks becomes crucial to maintaining economic stability. The recent pause in interest rate hikes in India’s monetary policy meetings reflects this cautious approach, especially in the face of global uncertainties and geopolitical factors. What stands out is the evolving investment trend, with private equity funds focusing on primary investments in fintech, banks, and NBFCs, particularly in areas where capital defines growth Strategy.” It is apparent that investors are now looking at profitability and sustainability of the business model. According to Grant Thornton, investors are no longer chasing growth and valuations. Instead they are looking for clear and achievable paths to profitability. Mergers and Acquisitions landscape: The <keyword id="101447" type="General" weightage="20" keywordseo="ma" source="Orion">M&amp;A</keyword> landscape witnessed 10 deals at $1.1 billion. While volumes fell by 9% from the previous quarter, values saw an upsurge of 2047%. Domestic mergers accounted for 60% of the volumes, while cross-border transactions, particularly in the inbound sector, contributed to 60% of the values in the M&amp;A activity. The top deal was Rapyd Financial Networks Ltd.’s inbound <keyword id="30334" type="General" weightage="20" keywordseo="acquisition" source="Orion">acquisition</keyword> of PayU Payments Pvt Ltd for $610 million. Private Equity (PE) landscape: According to Grant Thornton’s report, trends point to a build up of investor interest in fintech, banking, and non-banking financial company (NBFC) sectors. In the last quarter, a total of 30 deals were executed in the PE sector, cumulatively valued at $566 million. This marks a 27% and 76% decline in volumes and values respectively as compared to the previous quarter. Among these transactions, fintech claimed the spotlight with a 30% share in terms of deal volumes. However, banking and NBFC segments took center stage with respect to values, contributing a 77% share. Bain Capital’s investment of $176 million was the top deal in the PE landscape. While private equity funds have been actively involved in exit strategies across various segments, data suggests a renewed interest in fresh investments. Rather than pursuing new acquisitions, most PE funds have been channeling their capital into existing investments, bolstering their positions and financing expansion initiatives in the evolving financial landscape. Initial Public Offering Activity: Two IPOs were launched, collectively valuing a substantial $186 million, marking a change in comparison to the previous quarter when no IPOs were observed. Further, the quarter saw three QIPs amounting to an impressive $1.2 billion. Notably, the banking sector played a dominant role in the QIP market, contributing a significant 54% to the overall QIP values for the quarter. This uptick in IPO and QIP activity shows a growing investor appetite and interest in the sector’s offerings. Global investors are showing increased interest in financial services, particularly lending- focused businesses, due to elevated global interest rates. Key areas for credit growth in India include affordable housing, MSMEs, and education. The insurance sector is also poised for growth with regulatory changes and global standards gaining prominence, although substantial investments are yet to come. Fintech remains attractive to investors, but data privacy, influenced by the DPDP Act, 2023, will significantly impact the financial services sector, particularly fintech companies, prompting a re-evaluation of their operational strategies.

Deal Tracker: PE investments fall by 30% to $1.7 bn in September quarter, BFSI rules the roost

<ul class="summary-list"><li>M&amp;A deals fell by over 30% this year, clocking in below $3 trillion for the first time in a decade, Bloomberg data shows.</li><li>Private equity spending on mergers is down 60% since in 2021.</li></ul>The dealmaking boom on Wall Street seems to be in the rearview mirror as mergers and acquisition values have fizzled to a 10-year low.The total value of deals made this year is clocking in at close to $2.7 trillion, down more than 30% from a year ago and falling short of the $3 trillion mark for the first time since 2013, <a href="https://www.bloomberg.com/news/articles/2023-12-19/dealmakers-to-miss-3-trillion-mark-for-first-time-in-10-years?srnd=markets-vp">Bloomberg data shows</a>. The slower M&amp;A market is largely a symptom of <a href="https://markets.businessinsider.com/news/stocks/barbenheimer-boom-private-equity-entertainment-deals-hit-5-year-low-2023-9">lackluster activity in private equity</a>. That's because buyout firms are less likely to make offers on companies given that it's been harder costlier to secure debt.PE firms have spent far less on acquisitions than they did in 2021. The numbers are down 62% from two years ago, when spending hit $1.3 trillion, according to Bloomberg.Another dampener on M&amp;As has been the fresh flood of uncertainty from the conflict in the Middle East. Meanwhile, high interest rates after a decade of virtually zero-cost debt has pinched all corners of the economy. The dealmaking malaise also arrives in spite of some blockbuster mergers in 2023, <a href="https://markets.businessinsider.com/news/commodities/oil-outlook-crude-mergers-production-boom-price-demand-energy-exxon-2023-12">especially in Big Oil</a>. Beyond the $69 billion Microsoft and Activision Blizzard deal, there was Exxon's $60 billion purchase of Pioneer, and Chevron's $53 billion takeover of Hess. Not to mention Permian Resources' $4.5 billion, all-stock acquisition of Earthstone Energy. Other deals, including Alaska Airlines' deal to buy Hawaiian Airlines and Cisco's decision to acquire Splunk, are moving ahead despite <a href="https://www.businessinsider.com/corporate-america-challenges-joe-biden-mergers-antitrust-ftc-lina-khan-2023-12">the Biden administration's antitrust stance</a>.

Mergers and acquisitions tumble more than 30% to fall short of $3 trillion for the first time in 10 years

<ul class="summary-list"><li>The FTC announced a lawsuit that blocks a merger between <keyword id="20279131" type="General" weightage="20" keywordseo="luxury-brands" source="keywords">luxury brands</keyword> Tapestry and Capri.</li><li>The FTC claims Tapestry's acquisition of Capri could make more affordable luxury bag options expensive.</li></ul>The <a target="_blank" href="https://www.businessinsider.com/twitter-employees-saved-elon-musk-ignored-orders-ftc-2024-2">FTC</a> is trying to stop a merger between brands Tapestry and Capri that would put labels <a target="_blank" href="https://www.businessinsider.com/coach-cool-again-gen-z-is-spending-more-luxury-brand-2023-8">Coach</a>, Kate Spade, <keyword id="20040782" type="General" weightage="20" keywordseo="Michael-Kors" source="keywords" meta.keywordsubtype="org" meta.entityname="Michael Kors" meta.hostid="261" meta.entityid="Michael Kors">Michael Kors</keyword>, Jimmy Choo, and Versace under one luxury house. <a target="_blank" href="https://www.businessinsider.com/tapestry-coach-owner-acquires-capri-holdings-versace-michael-kors-2023-8">Tapestry, Inc.</a>, which owns Kate Spade and <keyword id="20115195" type="General" weightage="20" keywordseo="Coach" source="keywords" meta.keywordsubtype="org" meta.entityname="Coach" meta.hostid="261" meta.entityid="Coach">Coach</keyword>, announced in August its intent to acquire <a target="_blank" href="https://www.businessinsider.com/michael-kors-net-worth-life-success-capri-holdings-2019-9">Capri Holdings</a>, which owns Michael Kors, for $8.5 billion. Regulators in the <a target="_blank" href="https://www.reuters.com/markets/deals/tapestry-merger-with-versace-owner-capri-gets-eu-japan-approval-2024-04-15/#:~:text=Tapestry%20merger%20with%20Versace%20owner%20Capri%20gets%20EU%2C%20Japan%20approval,-By%20Juveria%20Tabassum&amp;text=April%2015%20(Reuters)%20%2D%20Coach,the%20companies%20said%20on%20Monday.">European Union and Japan</a> are on board with the acquisition — but US regulators are taking a different approach. The FTC announced that it filed a lawsuit Monday to block the merger. The commission said in a <a target="_blank" href="https://www.ftc.gov/news-events/news/press-releases/2024/04/ftc-moves-block-tapestrys-acquisition-capri">press release</a> it believes the action would give Tapestry "a dominant share of the 'accessible luxury' <a target="_blank" href="https://www.businessinsider.com/guides/style/how-to-buy-a-birkin-bag">handbag market</a>." If Tapestry took over Michael Kors, the FTC claims, it would make the brand's luxury options more expensive. "With the goal to become a serial acquirer, Tapestry seeks to acquire Capri to further entrench its stronghold in the fashion industry," Henry Liu, director of the FTC's Bureau of Competition, said in the press release. "This deal threatens to deprive consumers of the competition for affordable handbags, while hourly workers stand to lose the benefits of higher wages and more favorable workplace conditions." Both Tapestry and <a target="_blank" href="https://www.capriholdings.com/news-releases/news-releases-details/2024/Capri-Holdings-Limited-Issues-Statement-on-FTC-Action-Seeking-to-Block-Proposed-Transaction-with-Tapestry-Inc/default.aspx">Capri Holdings</a> released statements opposing the FTC's accusations and vowed to fight the lawsuit in court. The companies disagreed with the FTC, saying that they operate "intensely competitive and highly fragmented industry." "The bottom line is that Tapestry and Capri face competitive pressures from both lower- and higher-priced products," Tapestry <a target="_blank" href="https://www.businesswire.com/news/home/20240422792070/en/">said in its statement.</a> "In bringing this case, the FTC has chosen to ignore the reality of today's dynamic and expanding $200 billion global luxury industry." Tapestry did not immediately respond to a request for comment. Capri Holdings directed BI to its public statement, and the FTC declined to comment further. The FTC, under the guidance of chair Lina Khan, has gone after a series of mergers and acquisitions over the past few years, including Microsoft's purchase of <a target="_blank" href="https://www.businessinsider.com/ftc-suing-to-stop-microsoft-activision-blizzard-acquisition-2022-12">Activision Blizzard</a> and Meta's purchase of <a target="_blank" href="https://www.businessinsider.com/ftc-sues-to-block-meta-from-buying-vr-company-within-2022-7">VR company Within</a>. Both of these lawsuits failed to block these purchases. This is the FTC's first lawsuit in the fashion accessories sector, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-22/us-sues-to-block-8-5-billion-marriage-of-coach-michael-kors?sref=yaJhKSOh">according to Bloomberg</a>. More recently, the agency filed a lawsuit to block the $24.6 billion merger of grocery chains <a target="_blank" href=" https://www.businessinsider.com/heres-how-much-retail-jobs-pay-from-amazon-to-walmart-2024-4">Albertsons and Kroger</a>, which it said was the "largest proposed supermarket merger in US history." The companies responded by pledging to sell hundreds of stores to competing grocery chain C&amp;S Wholesale Grocers.

Coach and Michael Kors merger sparks handbag wars as US FTC moves to block the deal

<ul class="summary-list"><li><keyword id="20214240" type="General" weightage="20" keywordseo="Jamie-Dimon" source="keywords">Jamie Dimon</keyword> has been the CEO of JPMorgan since 2006.</li><li>Under his leadership, the company's stock value has tripled.</li></ul><a target="_blank" href="https://www.businessinsider.com/jamie-dimon-commerical-real-esate-crisis-soft-landing-economy-jpmorgan-2024-2">Jamie Dimon</a>, the billionaire CEO of <keyword id="19947945" type="General" weightage="20" keywordseo="JPMorgan-Chase" source="keywords" meta.keywordsubtype="org" meta.entityname="JPMorgan Chase" meta.hostid="261" meta.entityid="JPMorgan Chase">JPMorgan Chase</keyword>, has led the massive finance company for the better part of the last two decades, driving its assets and stock value to new heights."In the midst of the most serious and far-reaching <keyword id="20154576" type="General" weightage="20" keywordseo="financial-crisis" source="keywords">financial crisis</keyword> since the 1930s — much of it caused by plain old avarice and bad judgment — Dimon and <a target="_blank" href="https://www.businessinsider.com/jpmorgan-chase-employees-describe-fear-mass-workplace-data-surveillance-wadu-2022-5">JPMorgan Chase</a> stood apart," Duff McDonald, an author and journalist, wrote of Dimon in his 2009 book "Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase," referring to the 2008 financial crisis."Much of the melodramatic coverage of Wall Street postcrisis has focused on its flaws — the hubris and the greed," McDonald wrote. "Jamie Dimon's story contains the opposites — the values of clarity, consistency, integrity, and courage. By sticking to them, Dimon has unquestionably become the <a target="_blank" href="https://www.businessinsider.com/recession-outlook-jamie-dimon-jpmorgan-us-economy-interest-rates-cut-2024-3">dominant banking executive</a> of his era."Here's a look at Dimon's career, from his stint as a management consultant to becoming the <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-awesome-life-2009-12">billionaire financier</a> propelling JPMorgan Chase's rise.Representatives for Dimon declined to comment for this story when contacted by Business Insider.<h2 id="f4994361-5956-4282-bd92-21827256b076">Born into the world of finance</h2>Dimon was born in New York City on March 13, 1956, one of three sons to Theodore and Themis (née Kalos) Dimon. His father was a stockbroker at Shearson who would eventually become an executive vice president at <a target="_blank" href="https://www.businessinsider.com/personal-finance/best-american-express-business-card">American Express</a>.After her sons went to college, Themis Dimon pursued a master's degree in psychology at Columbia University's Teachers College and volunteered at a preschool program.The couple, who were married for 65 years, died within 22 hours of each other, according to their 2016 <a target="_blank" href="https://www.legacy.com/us/obituaries/nytimes/name/themis-dimon-obituary?id=17681343">obituaries</a>.Dimon graduated from Tufts University, where he majored in psychology and economics. After a stint as a management consultant at Boston Consulting Group, Dimon earned his MBA from Harvard in 1982.<h2 id="b690fc5e-dbb3-442f-986c-afd30cbfa440">A banking whiz kid from the start</h2>Dimon's finance skills were clear from early on. At the behest of his mentor, the <a target="_blank" href="https://www.businessinsider.com/sandy-weills-greatest-hitsand-shocking-turnaround-2012-7">financier Sandy Weill</a>, he turned down offers from <keyword id="19906485" type="General" weightage="20" keywordseo="Goldman-Sachs" source="keywords" meta.keywordsubtype="org" meta.entityname="Goldman Sachs" meta.hostid="261" meta.entityid="Goldman Sachs">Goldman Sachs</keyword> and Morgan Stanley to accept a job at American Express after graduating from Harvard.When Weill left American Express in 1985, <a target="_blank" href="https://www.euromoney.com/article/b1fq6yftgm9nrv/the-bankers-that-define-the-decades-jamie-dimon-jpmorgan-chase">Dimon followed</a>. The pair ran Commercial Credit, a company they would build into the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/assessing-citigroup-insights-from-13-financial-analysts-1033212613">financial-services conglomerate Citigroup</a>.<div type="image" title="Jamie Dimon poses in front of a picture window in his office," height="1813" width="1800" msid="109087605" hostid="261"></div><h2 id="9d3cbea2-9339-4750-95be-77b6758fbb28">An unexpected ouster led to a key pivot</h2>Weill asked Dimon to resign in 1998 after 15 years of working together. Weill would later tell <a target="_blank" href="https://www.nytimes.com/2010/01/03/business/economy/03weill.html">The New York Times</a> it was because Dimon wanted to take over as CEO but he wasn't ready to retire. Weill told the Times he regretted that the conflict led to Dimon's ouster.On an episode of the "<a target="_blank" href="https://anchor.fm/blamo-media/episodes/Jamie-Dimon---Chairman-and-CEO-of-JPMorgan-Chase-egn5as">Coffee with The Greats</a>" podcast, Dimon said he was "<a target="_blank" href="https://www.cnbc.com/2020/07/21/jpmorgan-ceo-jamie-dimon-on-being-fired.html">totally surprised</a>" by his firing from Citigroup. He considered jobs at Amazon and Home Depot but ultimately became CEO of Bank One in 2000, which at the time was the nation's fifth-largest bank. Eventually, it would merge with JPMorgan.<h2 id="20532da9-ccdf-4c5f-89f6-ecfdc5cca44f">JPMorgan's <keyword id="20035800" type="General" weightage="20" keywordseo="merger" source="keywords">merger</keyword> with Bank One saw Dimon's power surge</h2>When JPMorgan merged with Bank One in 2004, Dimon became the new banking giant's president and chief operating officer. He would later become the bank's CEO in 2006.Dimon quickly slashed expenses across the board, McDonald wrote in his biography. He ended the practice of the bank's corporate wing paying for clients to attend the US Open tennis tournament, canceled a $5 billion contract with <a target="_blank" href="https://www.businessinsider.com/how-to-get-job-without-college-degree-amazon-intel-ibm-2024-3">IBM</a> for computer-management services, and cut regional managers' compensation by as much as 50% over the next two years."He's going down like cod liver oil," <a target="_blank" href="https://www.bloomberg.com/news/articles/2005-03-27/dimons-grand-design">Bloomberg</a> reported one banker said of Dimon's approach. McDonald wrote in his biography of Dimon that another unnamed banker said, "The news that Jamie is flying in is similar to being told that Ivan the Terrible is coming for tea."<div type="image" title="Jamie Dimon gestures with his right hand as he speaks into a microphone." height="1826" width="2500" msid="109087606" hostid="261"></div><h2 id="afbd7198-8c13-4af3-bd54-533fe30dba48">His demanding leadership has proven valuable over the years</h2>In 2008, Dimon played a key role in rescuing major banks from collapse amid the <a target="_blank" href="https://markets.businessinsider.com/news/currencies/jamie-dimon-jpmorgan-bitcoin-crypto-recession-inflation-fed-rate-cuts-2024-1">financial crisis</a>. JPMorgan purchased Bear Stearns for $10 a share and also acquired Washington Mutual, which at the time was the largest US savings and loan institution, <a target="_blank" href="https://www.nytimes.com/2023/03/30/business/jamie-dimon-silicon-valley-bank-collapse.html">The New York Times</a> reported."<a target="_blank" href="https://www.businessinsider.com/quit-dream-job-jpmorgan-banking-not-for-me-singapore-2023-11">Jamie was demanding</a>. He was relentless," Theresa Sweeney, his assistant from 1993 to 2000, is quoted as saying in McDonald's biography. "And he always wanted the one thing I hadn't done. I'd walk in there with my pad of paper and he'd give me 10 things to do. I'd go back to my desk. An hour later, he'd call me and I'd have already done nine of them. And he'd ask for the tenth. And he pounded and pounded and pounded until you got it done. By the third time he asked for something, you better have been at a funeral, because that was the only acceptable excuse for not having it finished."Under his leadership, and due largely to its strategic partnerships and acquisitions, <a target="_blank" href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan's value</a> has skyrocketed, becoming the leading American bank in terms of domestic assets, market capitalization, and stock value.<h2 id="edc949a9-1236-41d4-9447-8f5209c21a61">College sweethearts became parents to 3 girls</h2>Dimon married his college sweetheart, Judith Kent, after meeting at Harvard. They have three daughters together: Julia, Laura, and Kara Leigh.Kent went to Tulane University for her undergraduate degree before receiving a master's in organization psychology from the Catholic University of America and an MBA from Harvard. She worked alongside Dimon at American Express as a management trainee shortly before they married, a 1983 wedding announcement published in <a target="_blank" href="https://www.nytimes.com/1983/01/16/style/judith-e-kent-to-be-wed-to-james-dimon-in-spring.html">The New York Times</a> said.Dimon has had a few health scares over the years, including a battle with throat cancer in 2014 and emergency heart surgery in 2020 after he was diagnosed with an <a target="_blank" href="https://www.businessinsider.com/inside-jpmorgan-after-jamie-dimons-emergency-heart-surgery-2020-3">aortic tear</a>, <a target="_blank" href="https://www.wsj.com/articles/jpmorgans-jamie-dimon-and-his-brush-with-death-you-dont-have-time-for-an-ambulance-11608821876">The Wall Street Journal</a> reported.<div type="image" title="Jamie Dimon and his wife, Judith, walk across the White House's marble floor, dressed in black tie event attire." height="2200" width="3300" msid="109087608" hostid="261"></div><h2 id="2fb97667-4026-4040-b032-ea9682504d34">A longtime political donor, Dimon has considered a run for office himself</h2>For many years, Dimon was a <a target="_blank" href="https://www.opensecrets.org/search?q=jamie+dimon&amp;type=news">prominent donor</a> to the Democratic Party. Though he labeled himself as "<a target="_blank" href="https://web.archive.org/web/20120615224516/http://www.politico.com/blogs/politico-live/2012/05/dimon-im-barely-a-democrat-123290.html">barely a Democrat</a>" in 2012, his political ties to the Obama administration led to speculation he would be named secretary of the Treasury. The position was ultimately given to Timothy Geithner.In 2016, he joined a business-advisory forum assembled by then-President Donald Trump, though it disbanded roughly a year later. Dimon supported several of Trump's jobs and tax policies but publicly disagreed with him on matters of immigration and international trade.He briefly considered running for president in 2018. Though he ultimately decided against it, <a target="_blank" href="https://www.marketwatch.com/story/this-is-the-most-prosperous-economy-the-world-has-ever-seen-says-jamie-dimon-and-its-going-to-continue-2019-11-10">MarketWatch</a> reported that he said, "I thought about thinking about it."The billionaire hedge-fund manager Bill Ackman encouraged Dimon to consider a presidential bid in 2023, <a target="_blank" href="https://www.forbes.com/sites/mollybohannon/2023/06/05/jpmorgan-ceo-jamie-dimon-wont-run-for-office-bank-says/?sh=7ee94ed0274a">Forbes reported</a>. The outlet also said Dimon expected to lead JPMorgan for at least 3 ½ more years.Though he hasn't made any moves toward a campaign for public office, Dimon told <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-05-31/jpmorgan-s-jamie-dimon-says-maybe-one-day-i-ll-serve-my-country?srnd=premium">Bloomberg</a> last spring, "I love my country, and maybe one day I'll serve my country in one capacity or another."<h2 id="80294a82-a09c-4abc-b90b-470ddbf8c20a">Dimon's continued bank-saving has led to record JPMorgan profits</h2>Dimon reprised his role as bank-saver in 2023, The New York Times reported, working as a partner with Treasury Secretary Janet Yellen and the Fed chair Jerome Powell to convince leaders of 11 major banks to pitch in $30 billion to prevent First Republic Bank from collapsing in the wake of <a target="_blank" href="https://www.businessinsider.com/us-government-bails-out-silicon-valley-bank-depositors-fdic-2023-3">Silicon Valley Bank</a> and <a target="_blank" href="https://www.businessinsider.com/signature-bank-shut-down-by-regulators-depositors-bailed-out-2023-3">Signature Bank</a> failing in rapid succession.In doing so, Dimon was "acting as a senior statesperson who is helping to shore up the <a target="_blank" href="https://www.businessinsider.com/san-francisco-far-worse-shape-new-york-jpmorgan-jamie-dimon-2024-1">financial industry in a time of crisis</a> of confidence," Mike Mayo, a longtime banking analyst, said to the Times. "With that comes potentially higher prestige but also potential backlash."But so far, the backlash hasn't come.Per <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://fortune.com/2023/10/27/jamie-dimon-jpmorgan-ceo-first-stock-sale/">Fortune</a>, JPMorgan's stock value has tripled since Dimon became CEO, and <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.bloomberg.com/news/articles/2024-01-12/jpmorgan-just-made-more-annual-profit-than-any-us-bank-ever">Bloomberg</a> reported that in 2023, the bank recorded the largest-ever annual profit among US banks, pulling in nearly $50 billion.<h2 id="c60edf85-9274-4e6e-843d-a5f1bc65d20d">Dimon may be retiring sooner than expected</h2>During a Q&amp;A with investors on Monday, <a target="_blank" href="https://www.businessinsider.com/jpmorgan-ceo-jamie-dimon-hints-retirement-2024-5">Dimon suggested his retirement</a> may be on the horizon.While in the past Dimon joked he would retire in five years, when asked about his succession plan this time the 68-year-old said the timeline was "not five years anymore."The longest-running CEO on Wall Street also said the plan to identify his replacement was "well on its way," and that he could potentially stay on as chair.Note: This story was originally published April 2024 and has since been updated.Correction: April 9, 2024 — An earlier version of this story misstated the name of the bank JPMorgan merged with in 2004. It's Bank One, not One Bank.

Jamie Dimon, CEO of JPMorgan Chase, just hinted at retirement. Here's how he became an iconic billionaire banker.

<ul><li>With the stake sale, Ambit will gain access to Daiwa’s global network and be able to take its products and services to global markets.</li><li>On the other hand, Daiwa will also get an opportunity to utilise Ambit’s networks and expand its operations in India.</li><li>Through the partnership, both the companies will collaborate to serve global clients in institutional equities and equity capital markets, leveraging the Indo-Japan corridor. </li></ul>Japanese investment bank <keyword id="273776" type="General" weightage="20" keywordseo="Daiwa-Securities-Group" source="Orion">Daiwa Securities Group</keyword> on Monday said it will acquire a minority stake in Mumbai-based investment bank <keyword id="6583393" type="General" weightage="20" keywordseo="Ambit-Private" source="Orion">Ambit Private</keyword> that is led by <keyword id="113609" type="General" weightage="20" keywordseo="Ashok-Wadhwa" source="Orion">Ashok Wadhwa</keyword>. The financial details of the deal were not disclosed. With the stake sale, Ambit will gain access to Daiwa’s global network, which is one of the largest regional broking houses in the Asia-Pacific region, and will be able to further take its products and services to the global markets, according to a press release. Ambit will also leverage Daiwa’s institutional broking expertise. On the other hand, Daiwa will get an opportunity to utilise Ambit’s networks and expand its operations in India. “Similarly, Daiwa’s enhanced presence in India with Ambit as its local partner, will allow for clients to access deep domain knowledge, showcase focused India equity research, and therefore build a strong India franchise through the Ambit network,” the release said. Through the partnership, both the companies will collaborate to serve global clients in institutional equities and equity capital markets (IPO, public fund-raising and other related business), leveraging the Indo-Japan corridor. The deal, which was signed on April 26, 2023, will be carried out subject to completion of customary conditions precedent and obtaining regulatory approvals, as may be required. Seiji Nakata, president and chief executive officer of Daiwa, said that the company sees India as a strategically important country, which is expected to grow in the long run. “I’m pleased that Daiwa will be able to offer more investment opportunities to our clients with Ambit Group, thanks to this renewed business partnership,” he said. And considering that Ambit Group has dealt with securities businesses and non-banking finance company (NBFC) businesses, it enables them to provide the most proper solution to various client segments, he added. “We are delighted to partner with Daiwa in this new avatar. Having built a strong and mutually beneficial foundation with Daiwa over the years, I am confident that this continued relationship will be fruitful, not only to our clients, but also to both firms. We see India’s growth story blossoming and with Daiwa on board, investment avenues for clients, further open up. This is certainly a milestone in our journey that we will celebrate,” said Wadhwa, group CEO of Ambit. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/aditya-birla-fashion-and-tcns-clothing-merger-as-per-analysts-merger-was-not-necessary/articleshow/100074154.cms">Aditya Birla Fashion, TCNS Clothing’s shares tank on merger news; analysts say merger was not necessary</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-brokerages-looking-up-to-59-growth-in-one97-communications/articleshow/100070477.cms">Paytm shares surge 5% on sustained Q4 growth, brokerages see up to 59% upside</a>

Japanese investment bank Daiwa to buy minority stake in Ashok Wadhwa’s Ambit

<ul><li>Last November, <keyword id="115415" type="General" weightage="20" keywordseo="Bisleri" source="Orion">Bisleri</keyword> International’s chairman Ramesh Chauhan said that they were in talks with Tata Consumer Products for a possible stake sale.</li><li>Bisleri has been in talks with Tata Group for more than two years.</li><li>Chauhan had even met <keyword id="4057577" type="General" weightage="20" keywordseo="Tata-Sons-chairman-N-Chandrasekaran" source="Orion">Tata Sons chairman N Chandrasekaran</keyword> and <keyword id="16826654" type="General" weightage="20" keywordseo="Tata-Consumer-CEO-Sunil-DSouza" source="Orion">Tata Consumer CEO Sunil D'Souza</keyword>.</li><li>There have been reports of several buyers at different times, including Reliance Retail, Nestle and Danone.</li></ul>Tata Consumer Products, the Kolkata based FMCG wing of the Tata Group, has informed exchanges that it has ceased negotiations with Bisleri for a potential stake in the company. <a href="https://www.businessinsider.in/business/news/tata-consumer-to-acquire-bisleri-for-around-rs-7000-crore-report/articleshow/95734960.cms">Last November</a>, an Economic Times report said that Bisleri International’s chairman Ramesh Chauhan was planning to divest the company and was in talks with Tata Consumer Products for an estimated buyout of ₹6,000-7,000 crore. “In this regard, the Company wishes to update that it has now ceased negotiations with Bisleri with regard to a potential transaction and to confirm that the Company has not entered into any definitive agreement or binding commitment on this matter,” said Tata Consumer Products in an exchange filing. Bisleri is India's largest packaged water company. Reports also said that Chauhan, aged 82, does not have a successor to take Bisleri to the next level of expansion. In an <a href="https://economictimes.indiatimes.com/news/india/tata-consumer-to-acquire-bisleri-for-about-7000-crore/articleshow/95726148.cms">interview to ET </a>last year, Chauhan had said that he believed the Tata Group "will nurture and take care of it even better," while it was still a painful decision for him. "I like the Tata culture of values and integrity and hence made up my mind despite the aggression shown by other interested buyers," he said. There have been reports of several buyers at different times, including Reliance Retail, Nestle and Danone. As per reports, Bisleri has been in talks with Tata Group for more than two years. Chauhan had even met Tata Sons chairman N Chandrasekaran and Tata Consumer CEO Sunil D'Souza. Currently, Tata Consumer Products sells packaged mineral water under the Himalayan brand with products — Tata Copper Plus Water, Tata Gluco plus, Himalayan Sparking, Himalayan Still water. Bisleri was originally an Italian alcohol remedy drink created by 19th century inventor Felice Bisleri. In 1965, Italian doctor Cesari Rossi and Indian businessman Khushroo Suntook introduced Bisleri bottled water in India by setting up a factory in Thane. Later the companyacquired the struggling Bisleri brand in 1969. Bisleri has 150 operational plants and a network of 6,000 distributors and 7,500 trucks across India and neighbouring countries. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-achievements-during-rajesh-gopinathans-tenure/slidelist/98729647.cms">TCS’ achievements under the stewardship of outgoing CEO Rajesh Gopinathan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/reliance-shares-down-22-from-all-time-high-attractive-entry-opportunity-says-jp-morgan/articleshow/98725589.cms">Reliance shares down 22% from all-time high: Attractive entry opportunity, says JP Morgan</a>

Tata Consumer Products ceases talks with Bisleri for a potential acquisition

<ul><li>Overall deal making activity involving India witnessed a slow start and totaled $6.6 billion so far this year. </li><li>Inbound M&amp;A activity was down 85% from a year ago, while outbound deals were down 61%. </li><li>There are also no deals bigger than $1 billion involving India so far this year. </li></ul><keyword id="16802483" type="General" weightage="20" keywordseo="indias-ma-activity" source="Orion">India’s M&amp;A activity</keyword> got off to a slow start this year. As per Refinitiv, an LSEG business which provides financial market data and infrastructure, India clocked in M&amp;A deals to the value of $6.6 billion from January to March 14, 2023. The figure was for $25 billion for the same period last year. In a ‘<keyword id="44501" type="General" weightage="20" keywordseo="merger-acquisitions" source="Orion">Merger &amp; Acquisitions</keyword> data connect’ webinar, Refinitiv said that the total M&amp;A volumes in India in 2022 stood at $172 billion across 2,557 deals. In 2021, it was at $124 billion across 2188 deals. In 2020 and 2019, the number stood at $74 billion and $84 billion respectively. Says Elaine Tan, Senior Analyst at Refinitiv, “With the result of macroeconomic factors including the war in Ukraine, inflationary pressures, and rising interest rate — all of which have had an impact on market sentiment, valuations and the cost of debt financing deals, overall deal making activity involving India witnessed a slow start and totaled $6.6 billion so far this year, a 73.7% decline compared to the same period last year, while number of deals fell 3.17% year-on-year.” With declines across all asset classes and regions, global investment banking fees fell 33% from 2021’s record-breaking annual total of more than $160 billion to less than $120 billion. Among the top three deals in 2023 till date, is the deal with PhonePe (target) and and General Atlantic Service (acquirer). ‘Big pullback in M&amp;A activity’ The top five sectors in India where the biggest deals happened in 2022 are industrials, financials, energy and power, high technology and consumer staples. On the other hand media and entertainment, retail, real estate, materials and consumer products saw the smallest size deals. Worldwide the top sectors were industrials, energy and power, high technology, health care and real estate. Tan added that M&amp;A activity across domestic and cross-border transactions slowed down. Inbound M&amp;A activity was down 85% from a year ago, Outbound M&amp;A deals 61% year-on-year. Private equity-backed deals, which saw record levels in 2021 and 2022, also started slow this year and reached US$2.2 billion to date, down 75% from a year ago. “There are also no deals bigger than $1 billion involving India so far this year. With all the headwinds, we are seeing a big pullback in M&amp;A activity compared to last year,” Tan said.

India’s M&A activity gets off to a slow start in 2023: Refinitiv

<ul><li>Deals in February dropped significantly in both volume and value terms, as compared to last year.</li><li>Investors continue to tread cautiously amid macroeconomic uncertainties, says Grant Thornton.</li></ul>Uncertain macroeconomic conditions have taken a toll on <keyword id="16790180" type="General" weightage="20" keywordseo="deal-making-in-india" source="Orion">deal making in India</keyword> – which have slowed down significantly in the month of February. India recorded only 89 deals, valuing $1.8 billion in February, which dropped by 54% in terms of volume, and 60% in terms of value, as compared to last year. Investors continue to tread cautiously amid macroeconomic uncertainties, according to <keyword id="16790181" type="General" weightage="20" keywordseo="Grant-Thornton-Bharats-Dealtracker-February-2023" source="Orion">Grant Thornton Bharat’s Dealtracker February 2023</keyword> report. This also marked the second-lowest deal volumes and lowest values recorded since 2014, the report said. The report highlighted that activity in the merger and acquisitions witnessed a significant downtrend — declining by 48% in terms of volume, and 47% by value compared to February 2022. February 2023 clocked in 24 deals at a total value of $755 million. “US economic data has been pointing towards a slowdown; however, the recession is not confirmed yet. China has seen an accelerated reopening, and that has provided a boost to the commodity market. On the domestic front, the policy review also acknowledges that domestic economic activity is expected to remain resilient, aided by the sustained focus on capital and infrastructure spending in the Union Budget 2023-24,” said Shanthi Vijetha, partner- growth at Grant Thornton Bharat. Funding winter for PE investments The private equity investment trend also witnessed a drop both in terms of deal values and volumes with only 65 deals worth $1 billion taking place during the month. The year 2023 also witnessed the continued funding winter in terms of both PE deal volumes and value. The report shares that the decline in PE funding was largely due to uncertain market conditions and the wait-and-watch approach adopted around the Budget 2023-24. “While the deal activity is subdued, the Indian market is still considered to provide good opportunities for deals/investments. As a result, the Union Budget 2023 avoided populist measures in the pre-election year and prioritised long-term growth,” added Vijetha. The <keyword id="402627" type="General" weightage="20" keywordseo="ipo-market" source="Orion">IPO market</keyword> was slow too this year, with just three IPOs getting publicly listed on exchanges so far. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/if-youre-working-in-any-of-these-roles-then-you-need-to-be-worried/articleshow/98632981.cms">Is your job at risk? If you're working in any of these roles then you need to be worried</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mfs-add-shares-of-indigo-paytm-pvr-nazara-technologies-among-others-in-february/articleshow/98630434.cms">MFs add shares of Indigo, Paytm, PVR &amp; Nazara Technologies among others in February</a>

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