India Digest: Muthoot Finance, OYO-CCD, Zomato-Uber in M&A news

Photo: Mint

In the latest M&A deal in India, Muthoot Finance Friday said it is acquiring IDBI Asset Management Limited and IDBI MF Trustee Company Limited in a bid to enter the mutual fund asset management space. Meanwhile, Oyo Hotels & Homes (OYO) and British private equity firm Apax Partners have shown interest to buy a significant stake in CCD parent, and Zomato is eyeing the food delivery business of Uber.

Muthoot Finance to buy IDBI MF

Gold financing company Muthoot Finance Friday said it had entered into a definitive agreement to acquire IDBI Asset Management Limited and IDBI MF Trustee Company Limited in a bid to enter the mutual fund asset management space.

Promoted by IDBI Bank in 2010, IDBI Mutual Fund (IDBI MF) is one of the profit-making AMCs in the mutual fund space with an AUM approx. Rs. 5300+ crores. IDBI MF runs 22 schemes with robust AUM across products, geography and investors.

Upon closing of the transaction by end of February 2020, both IDBI AMC and IDBI MF Trustee Company will become wholly-owned subsidiary companies of MFIN, Muthoot Finance said in a regulatory filing.

OYO, Apax eye Cafe Coffee Day

SoftBank-backed India hospitality chain Oyo Hotels & Homes (OYO) and British private equity firm Apax Partners have shown interest to buy a significant stake in debt-laden Coffee Day Enterprises Ltd (CDEL), which operates coffee chain Cafe Coffee Day (CCD).

According to a report in The Economic Times, both OYO and Apax have signed nondisclosure agreements (NDAs) with CDEL and have initiated discussions for the deal.

Other investors in the fray to buy a stake in CDEL include global private equity firms KKR, TPG Capital, and Bain Capital.

Zomato in talks to buy UberEats

Ant Financial-backed Zomato has emerged as the frontrunner to buy Uber’s food delivery business in India, The Times of India reported.

Uber is seeking a price of around $500 million for UberEats.

If the deal with Zomato goes through, Uber may also invest in the Gurgaon-based online food delivery and restaurant discovery platform. According to the report, Uber has also indicated its intent to sell food business to Swiggy, but the talks between the two are yet to begin.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.