Deals Buzz: CCI approves $16-billion Walmart-Flipkart deal

Deals Buzz: CCI approves $16-billion Walmart-Flipkart deal

CCI’s approval, which had been expected by Walmart and Flipkart sometime this month, paves the way for the companies to close the deal. Photo: Mint

CCI’s approval, which had been expected by Walmart and Flipkart sometime this month, paves the way for the companies to close the deal. Photo: Mint

Mint brings to you your daily dose of top deals reported by newsrooms across the country and the world

CCI approves $16-billion Walmart-Flipkart deal

India’s antitrust regulator has approved Walmart’s $16-billion purchase of Flipkart, despite protests from traders across the country over fears that the deal would drive several small retailers out of business, reported Mint on Wednesday evening. CCI’s approval, which had been expected by Walmart and Flipkart sometime this month, paves the way for the companies to close the deal. Read more

LIC acquisition by IDBI Bank gets government approval

IDBI Bank said on Wednesday that it received government approval to acquire the Life Insurance Corporation of India, reported Mint. People familiar with the matter said the bank will be get a capital support of about ₹13,000 crore from LIC, depending on the share price of the bank. Read more

GE Capital to sell energy finance unit to Starwood Property Trust for $2.56 billion

General Electric Co’s financing arm said on Wednesday it will sell its energy finance unit and loan portfolio to Starwood Property Trust Inc for $2.56 billion, as part of a plan to shrink itself into a smaller, more focused business, Reuters reported. The deal, expected to close in the third quarter, will add to Starwood’s core earnings, the real estate investment trust said. Read more

World’s biggest telecom tower operator disappoints in IPO

China Tower Corp. Ltd’s shares closed flat on their debut in Hong Kong on Wednesday, with escalating Sino-U.S. trade tensions dragging on investor sentiment towards the world’s biggest initial public offering (IPO) in two years, Reuters reported. Coming after a string of weak IPO debuts in Hong Kong, China Tower’s performance could influence upcoming listings such as Sinochem Energy. It may also weigh on the city’s attempts to sustain its record fundraising from stock floats. Read more

Japan’s Orix to buy $2.2 billion stake in HNA’s aircraft lessor Avolon

Japanese financial services group Orix Corp has struck a $2.2 billion deal to buy a 30 percent stake in aircraft lessor Avolon Holdings as cash-strapped Chinese conglomerate HNA Group Co Ltd trims holdings in its core assets, Reuters reported. The stake purchase in the world’s No. 3 lessor will help Orix to bulk up in the $280 billion global aircraft leasing market, where demand is growing, supported by a rise in low-cost carriers and passenger traffic. Read more

PE Firm Investcorp looks to make direct investments in China, India

Bahrain-based private equity firm Investcorp expects to make its first direct investments in China and India within 12 to 18 months as it increasingly widens its investment focus to Asia, its co-chief executive said on Wednesday, Reuters reported. The bulk of Investcorp’s investments since its launch in 1982 have been in the United States, Europe, the Middle East and North Africa. Read more

PhonePe gets Rs 452 crore funding from Flipkart

Online retailer Flipkart has infused about ₹452 crore ($66 million) into its payments arm PhonePe Pvt.Ltd, at a time when the UPI-based (unified payments interface) platform is expanding aggressively to take on SoftBank-backed rival payments start-up Paytm, Mint reported. According to regulatory documents sourced from, PhonePe received the latest fund infusion from Flipkart in July. PhonePe has been Flipkart’s big bet in digital payments after several failed attempts between 2013 and 2015. Read more

Premji Invest pumps Rs 400 crores in Gold Plus Glass Industry

Gold Plus Glass Industry Ltd, a domestic float glass manufacturer, on Wednesday said it has raised ₹400 crore from Premji Invest—Azim Premji’s investment arm—to fund its expansion plans, the company said. Read more

Fonterra, Future Group announce Joint Venture for Indian market

Fonterra, the world’s largest dairy exporter, on Wednesday announced a joint venture (JV) with Future Consumer Ltd to produce a range of consumer and food service dairy products, the company said. The JV, Fonterra Future Dairy Partners, would enable New Zealand-based Fonterra to establish its presence in India. Read more

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