In the latest M&A deals, Lemon Tree Hotels Limited has acquired Berggruen Hotels, which owns Keys Hotels, while Reliance Industries has increased its shareholding in SkyTran Inc. Separately, Baring PE Asia has emerged as the sole bidder for the acquisition of a controlling stake in Can Fin Homes.
Lemon Tree buys Berggruen Hotels
Lemon Tree Hotels Limited has acquired Berggruen Hotels, which owns Keys Hotels, it said in an announcement. With the acquisition of Keys Hotels, Lemon Tree has expanded its operating portfolio to 75 hotels with ~7650 rooms across 43 cities.
Lemon Tree Hotels including Keys hotels are located across India, in metro regions, including
the NCR, Bengaluru, Hyderabad and Chennai, as well as tier I and tier II cities such as Pune,
Ahmedabad, Chandigarh, Jaipur, Indore, Aurangabad, Mumbai, Kolkatta, Udaipur,
Vishakhapatnam, Kochi, Ludhiana and Thiruvananthapuram.
Reliance Industries increases SkyTran stake
Reliance Industrial Investments and Holdings Ltd (RIIHL), a wholly owned subsidiary of Reliance Industries Ltd, has increased its shareholding in SkyTran Inc. to 17.37 per cent on a fully diluted basis, it announced last week.
RIHL had picked up a 12.7 per cent stake in SkyTran in October last year, with an option to further invest an amount up to $25 million in convertible notes.
Baring PE Asia emerges as sole bidder for Can Fin
According to a report in The Economic Times, two other contenders – Aditya Birla Capital and Warburg Pincus, withdrew just ahead of the bidding deadline on Thursday.
In September, Canara Bank had sought expressions of interest from prospective buyers for a 30 per cent stake in Can Fin Homes Ltd. According to a September report in Mint, the bank had received 12 expressions of interest.