Italy’s Luxottica and France’s Essilor have entered into a €46-billion merger deal to create a global powerhouse in the eyewear industry with revenues of more than €15 billion, they said in a statement on Monday.
The deal, one of Europe’s largest cross-border tie-ups, brings together Luxottica, the world’s top spectacles maker with brands such as Oakley and Ray Ban, with Essilor, the world’s leading manufacturer of ophthalmic lenses.
Under the terms of the merger, Luxottica’s 81-year old founder, Leonardo Del Vecchio, will take a stake of between 31 and 38% in the merged group through his family holding Delfin, becoming the biggest shareholder in the company.
Italy’s Luxottica and France’s Essilor, two of the world’s largest firms in the eyewear market which on Monday agreed to a €46 billion merger, have a presence in India where the market was worth Rs22,674 crore in 2016, according to market researcher Euromonitor International. It is expected to grow to Rs34,131 crore by 2021.
At present, Essilor and Luxottica are the top two in terms of value market share in India. According to a September 2016 study by Euromonitor, Essilor had a 10.5% market share (value) in 2015, up from 8.2% in 2010. Luxottica had a 5.5% market share (value) in 2015 up from 4.6% in 2010, added the Euromonitor study.
After the merger, Essilor-Luxottica’s combined market share will be 16% with Carl Zeiss a distant second. The firm had a 4.6% share of the eyewear market in India in 2015.
PE firms ChrysCapital, TA Associates eye to invest in Subway franchise platform
Private equity investor ChrysCapital and the US-based PE Fund TA Associates Management Lp are in separate discussions to invest in a proposed franchise platform of Subway restaurant chain in India, two people close to the development said. The discussions are at an advanced stage and the deal is likely to be closed by mid-February, said one of the people cited above.
About five operators of Subway’s Indian franchise - Subway Systems India Pvt. Ltd—plan to combine their businesses under a new platform and dilute about 30-35% stake in the new entity.
The proposed fund infusion will be used for further expansion, said the first person on condition of anonymity, adding 30-35% equity could change hands for Rs200-250 crore. Boutique investment bank Lodha Capital Markets Ltd Ramesh Pathania/Mint
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Luxottica and Essilor ink €46 billion merger deal to create eyewear giant
Italy’s Luxottica and France’s Essilor have entered into a €46-billion merger deal to create a global powerhouse in the eyewear industry with revenues of more than €15 billion, they said in a statement on Monday.
The deal, one of Europe’s largest cross-border tie-ups, brings together Luxottica, the world’s top spectacles maker with brands such as Oakley and Ray Ban, with Essilor, the world’s leading manufacturer of ophthalmic lenses.
Under the terms of the merger, Luxottica’s 81-year old founder, Leonardo Del Vecchio, will take a stake of between 31 and 38% in the merged group through his family holding Delfin, becoming the biggest shareholder in the company. Read more
Combined share of Essilor, Luxottica in India’s eyewear market may touch 16%
Italy’s Luxottica and France’s Essilor, two of the world’s largest firms in the eyewear market which on Monday agreed to a €46 billion merger, have a presence in India where the market was worth Rs22,674 crore in 2016, according to market researcher Euromonitor International. It is expected to grow to Rs34,131 crore by 2021.
At present, Essilor and Luxottica are the top two in terms of value market share in India. According to a September 2016 study by Euromonitor, Essilor had a 10.5% market share (value) in 2015, up from 8.2% in 2010. Luxottica had a 5.5% market share (value) in 2015 up from 4.6% in 2010, added the Euromonitor study.
After the merger, Essilor-Luxottica’s combined market share will be 16% with Carl Zeiss a distant second. The firm had a 4.6% share of the eyewear market in India in 2015. Read more
PE firms ChrysCapital, TA Associates eye to invest in Subway franchise platform
Private equity investor ChrysCapital and the US-based PE Fund TA Associates Management Lp are in separate discussions to invest in a proposed franchise platform of Subway restaurant chain in India, two people close to the development said. The discussions are at an advanced stage and the deal is likely to be closed by mid-February, said one of the people cited above.
About five operators of Subway’s Indian franchise - Subway Systems India Pvt. Ltd—plan to combine their businesses under a new platform and dilute about 30-35% stake in the new entity.
The proposed fund infusion will be used for further expansion, said the first person on condition of anonymity, adding 30-35% equity could change hands for Rs200-250 crore. Boutique investment bank Lodha Capital Markets Ltd is advising the operators on PE fundraising.
Fosun, VC fund Iron Pillar join hands for tech investments in India
Chinese conglomerate Fosun International Ltd has entered into a strategic partnership with Iron Pillar Capital Management Ltd, a venture capital fund focused on mid-stage technology investments, to target opportunities in India, two people aware of the matter said.
Iron Pillar, with a focus on mid-to-late stage technology investments, has already secured about $150 million to invest in the Indian start-up ecosystem, with significant commitments coming from China, while another $50 million is to come from the US over the next 3-4 months, said the person mentioned above.
Both Fosun and Iron Pillar have their own funds and separate limited partners. “It’s a win-win for both the parties,” said the second person close to the development, speaking on condition of anonymity.
Vedanta Resources in talks to garner $1 billion to refinance debt
London-based metals and oil holding firm Vedanta Resources Plc on Monday approached investors to raise as much as $1 billion to refinance its debt, two people aware of the development said.
“They started the book running process on Monday. The company has around $1 billion worth of debt which is maturing in the next fiscal (FY18) and they are raising the bonds to refinance these repayment obligations,” one of the two people cited above said, requesting anonymity.
Vedanta has hired investment banks JP Morgan, Standard Chartered and other banks to manage the sale, he added.
DFC Ergo raises Rs350 crore via NCDs to fund expansion plans
HDFC ERGO General Insurance Company , the non-life insurance joint venture between HDFC Ltd and ERGO International of Germany, has garnered Rs350 crore through Non-Convertible Debentures (NCDs), to fund expansion plans, according to a report by Times of India.
This was done by way of the private placement of unsecured, subordinated, redeemable, NCDs of face value Rs10 lakh each.
The company has issued 10-year subordinated debt which carry a coupon rate of 7.6% p.a. the bonds which have been rated triple A, have been listed on the Bombay Stock Exchange with a call option at the end of 5 years.
In June, HDFC ERGO General Insurance announced to acquire L&T General Insurance Co. Ltd in an all-cash deal worth Rs.551 crore. Post-merger, HDFC ERGO has become the third largest private non-life company with a market share of 4.3%.
Byju’s acquires Bengaluru-based career guide Vidyartha
Education technology start-up Byju’s, owned by Think and Learn Pvt. Ltd, has agreed to acquire Bengaluru-based career guidance and academic profile builder Vidyartha for close to Rs50 crore, according to a report by The Times of India.
Vidyartha, founded in 2011 by Priya Mohan, an alumnus of Indian School of Business (ISB), Hyderabad, and Navin Balan, a technology professional, started as a career guidance platform for students and later started academic profiling of students by partnering with schools.
Last month, Byju raised an undisclosed amount from World Bank arm International Finance Corp. (IFC), The latest round came close on the heels of Byju’s raising $50 million from the Chan Zuckerberg Initiative, a personal fund set up by Facebook Inc. founder Mark Zuckerberg and his wife Priscilla Chan, and existing investors Sequoia Capital, Belgian investment firm Sofina SA, Lightspeed Venture Partners and Times Internet Ltd.
Azim Premji picks a stake in ID Fresh Foods for $25 million
Premji Invest, the investment arm of Wipro billionaire Azim Premji, has invested $25 million (Rs170 crore) into Bengaluru-based food company ID Fresh Foods in lieu of a 25% stake, The Times of India reported.
ID Fresh Foods has popularised ready-to-cook products, including idly and dosa batter, chapatis and Malabar parotas. The deal has valued the company it at over $100 million.
School dropout Mustafa PC started selling dosa batter from a shop run by his cousins in 2006, that morphed into ID Fresh Foods in 2008.Two years ago, venture capital firm Helion Ventures had picked up a similar stake in the company for Rs 35 crore.
Muthoot Finance to mop up to Rs 1,400 crore through NCDs
Kochi-based Muthoot Finance is looking to raise up to Rs1,400 crore through a public issue of non-convertible debentures (NCDs). The NCDs will have face value of Rs1,000 each, aggregating to Rs 1,300 crore, and unsecured NCDs of Rs1,000 each aggregating to Rs100 crore, totalling up to Rs1,400 crore, it said in a release.
“The tranche issue is with a base issue size of Rs200 crore with an option to retain over-subscription up to shelf limit of Rs1,400 crore,” the company said. It will utilise the funds raised through this issue to lending activities of the company.
The company will offer 10 investment options for secured NCDs with monthly or annual interest payment or on maturity with effective yield ranging from 8.25 to 9.25 per cent for retail investors.
Milk Mantra gets funding from Neev Fund, existing investors
Milk Mantra Dairy Pvt. Ltd, an east India-focused dairy company, has an undisclosed amount in series-D funding led by Neev Fund, along with co-investment from existing investors Eight Roads Ventures and Aavishkaar.
Neev Fund is backed by country’s largest lender State Bank of India (SBI).
Odisha-based Milk Mantra, whose products include milk, buttermilk, curd and milk shakes under the Milky Moo brand, is backed by Eight Roads Ventures (formerly Fidelity Growth Partners India).
In 2014, Milk Mantra raised series-C funding of Rs80 crore, led by Fidelity Growth Partners India and Aavishkaar India II Co. Ltd. The transaction provided an exit to angel investors and Aavishkaar India Micro Venture Capital Fund.
Daiichi Sankyo approaches Delhi HC to restrain Singh brother’s bid to sell stake in Fortis
Daiichi Sankyo has moved an application in Delhi High Court to block billionaire brothers Malvinder and Shivinder Singh from selling their holding in Fortis Healthcare Ltd, according to a report by The Economic Times.
Daiichi’s move comes as the Singh brothers are looking to rope in an investor in Fortis Healthcare and the Japanese firm claims the sale would dilute assets and hamper recovery of damages from the Singh brothers for the 2008 sale of Ranbaxy.
Last year, a Singapore tribunal had ordered the Singh brothers to pay the Japanese firm Rs 2,562-crore damages for concealing information regarding wrongdoing at Ranbaxy while selling it for $4.6 billion in 2008. The Singh brothers are contesting this arbitration award in Delhi HC.
Rishad Premji invests in pharmatech startup MUrgency
Wipro’s scion Rishad Premji has invested in US-based medical emergency response start-up MUrgency Inc in his personal capacity, according to a report by The Economic Times. While the financial details of the deal were not disclosed, sources quoted in the report estimate the investment to be under $100,000.
Earlier, Ratan Tata and Infosys cofounders Kris Gopalakrishnan and SD Shibulal through their investment venture Axilor had also invested in the startup.
The Silicon Valley-based startup currently operates in two regions and is planning a large scale expansion. In its current phase it is rolling out in NCR, Mumbai, Bangalore, Chennai, Hyderabad, and Kolkata. It also plans to launch service in Mexico within this financial year.
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