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Asia-Pacific deals through Dec. 23: TDK, Reliance, Axiata

The Asia-Pacific edition of M&A Replay presents a biweekly wrap-up of media and communications deal announcements, completions and updates in the region.


* Japan's TDK Corp. agreed to buy InvenSense Inc., a producer of motion sensors for Apple Inc. and Samsung Electronics Co. Ltd., in an all-cash deal worth US$1.3 billion. The Japanese electronics company said Dec. 21 that it will pay US$13 per share to buy all of InvenSense. The transaction is subject to shareholder and regulatory approvals, and is expected to be completed in the second quarter of the fiscal year ending March 31, 2018.

* India's Reliance Communications Ltd. inked a deal with Canada's Brookfield Infrastructure LP to sell a stake in its telecom tower business, the company announced Dec. 21. Under the terms of the deal, RCom will receive an upfront payment of 110 billion Indian rupees, or about US$1.6 billion, while RCom's towers will be demerged into a separate new company that will be 100% owned and independently managed by Brookfield.

* Malaysian telco conglomerate Axiata Group Bhd. announced Dec. 13 that investment company Innovation Network Corporation of Japan and Malaysian sovereign wealth fund Khazanah Nasional Bhd. will take stakes in its telecom infrastructure services unit, edotco, as part of a US$600 million deal. Axiata will remain the majority shareholder when the deal is signed in January 2017.


* Hong Kong entertainment mogul Albert Yeung Sau-shing bought a 31.12% stake of local movie producer and cinema operator See Corp. Ltd. for about HK$190 million, according to a Dec. 22 announcement. Yeung proposed a mandatory conditional cash offer of 21.5 Hong Kong cents per share; a 1.4% premium on its previous closing price.

* A+E Networks is buying a stake in South Korean entertainment company iHQ and also acquired two local channels in the country, Deadline reported Dec. 21. Financial terms were not disclosed. The channels, FoodTV and TVIS, will be rebranded in 2017 as Lifetime and History, respectively. A+E Networks plans to use the partnership with iHQ and its majority shareholder, South Korean cable TV operator D'Live, to distribute the channels across different platforms.

* Chinese metal company Anhui Xinke New Materials canceled its deal to buy an 80% stake in Midnight Investments, owner of Los Angeles-based Voltage Pictures, specifying the investment firm's failure to provide necessary documentation in a Dec. 21 Shanghai Stock Exchange filing. Instead, the company moved to acquire a 29.9% stake in Hong Kong's Pegasus Entertainment for HK$194.2 million.

* Sony Corp. unit Sony Pictures Entertainment Inc. bought a stake of about 5% in Italian video-on-demand platform Chili SpA for around €3 million, Bloomberg News reported Dec. 19, citing people familiar with the matter. Chili's other investors include Paramount Pictures Corp., its parent Viacom Inc., and Time Warner Inc.'s Warner Bros. Entertainment Inc.

* Dentsu Inc. said Dec. 16 that its global business headquarters, Dentsu Aegis Network, acquired Indian digital design firm Fractal Ink Design Studio Private Ltd. Financial details were not disclosed.

* China's Dalian Wanda Group Co. Ltd. joined with Chinese e-commerce company and other investors to acquire 22.4% of Yinlong Group, a Chinese lithium battery maker, for 3 billion Chinese yuan, China Money Network reported Dec. 16. The Zhuhai-based firm is valued at 13.4 billion yuan, with Wanda injecting 500 million yuan in the acquisition.

* South Korean mobile group Kakao Corp. will merge its two video-sharing services, Daum tvPot and Kakao TV, Financial News reported Dec. 15.

* Singapore's Elektromotive Group Ltd. acquired a 63.13% stake in South Korea's Dream T Entertainment worth S$22.7 million, Today reported Dec. 15. It also plans to change the company's name to Arion Entertainment Singapore.


* Sharp Corp. is acquiring Slovakian TV manufacturer Universal Media Corp. Slovakia s.r.o. in an €85 million deal, marking a re-entry into Europe's TV market under new ownership by Taiwan's Hon Hai Precision Industry Co. Ltd., Kyodo News reported Dec. 22.

* ZTE Smart Auto Corp., a new unit of ZTE Corp., bought 70% of China's Granton Automobile Co. for an unspecified price to expand into new-energy vehicles, the South China Morning Post reported Dec. 20.

* Cognizant Corp. agreed to acquire Sydney-based IT project management service provider Adaptra for an undisclosed sum, the U.S.-based IT firm said Dec. 16.

* Japan Display Inc. will purchase OLED panel maker JOLED, The Sankei Shimbun reported Dec. 13. The company will raise its stake in Tokyo-based JOLED from 15% to more than 50% by the end of 2017 via stock purchases from Innovation Network Corporation of Japan, which owns 75% of the venture.

* Nippon Telegraph and Telephone Corp. will repurchase 1.62% of its outstanding shares, up to 33 million shares of common stock, for an aggregate repurchase amount of up to ¥150 billion from Dec. 13, 2016, to June 30, 2017, the company announced Dec. 12.