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Vodafone to sell New Zealand unit; Spirit Telecom acquires Building Connect

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Vodafone to sell New Zealand unit; Spirit Telecom acquires Building Connect

S&P Global Market Intelligence provides a wrap-up of Asia-Pacific media and communications deal announcements, completions and updates from May 13 to May 27.

TOP NEWS

* Vodafone Group PLC agreed to sell its subsidiary Vodafone New Zealand Ltd. to a consortium comprising New Zealand-based infrastructure investment company Infratil Limited and Canada-based Brookfield Asset Management Inc. for NZ$3.4 billion. Upon completion of the deal, Vodafone Group and Vodafone New Zealand will enter into a partner market agreement, which will include use of the Vodafone brand, preferential roaming arrangements, access to Vodafone's global internet of things platform and central procurement function.

* Australia-based Spirit Telecom Ltd. completed the acquisition of Sydney-based internet service provider Building Connect Pty. Ltd. The transaction, which has an enterprise value of A$300,000, was paid in company scrip by issuing shares at 15 Australian cents each. Of the deal's total price, 70% will be held in escrow.

TECHNOLOGY

* SoftBank Group Corp.-owned Fortress Investment Group LLC is reportedly one of the 17 potential bidders for China's Anbang Insurance Group Co. Ltd.'s hotel portfolio, with the insurer receiving offers of up to US$5.8 billion, London's Financial Times reported, citing people familiar with the sales process.

* Tencent Holdings Ltd. said it acquired Sweden-based game developer Sharkmob AB for an undisclosed sum. Sharkmob provides cross-play capable and immersive social experiences online for large groups of gamers.

* India's Infosys Ltd. completed the acquisition of a 75% stake in the Netherlands-based Stater NV from ABN Amro Group NV for €127.5 million. Stater NV is the mortgage administration services unit of ABN Amro.

MEDIA

* Reliance Capital Ltd. and Reliance Land agreed to sell their entire equity stake in Reliance Broadcast Network Ltd., which operates under the brand name BIG FM Radio, to Music Broadcast Ltd. Music Broadcast will initially acquire a 24% equity stake of Reliance Broadcast Network by preferential allotment for a total consideration of 2.02 billion Indian rupees. After that, Music Broadcast will acquire the remaining equity stake held by Reliance Capital and Reliance Land in Reliance Broadcast Network at a total enterprise value of 10.5 billion rupees. Reliance Capital will also receive an estimated 1.5 billion rupees from the disposal of other assets of Reliance Broadcast Network which are not part of the transaction with Music Broadcast. The transaction In total, the transaction will reduce Reliance Capital's outstanding debt by an estimated 12 billion rupees, according to a company release. The subject to regulatory and other approvals.

* U.S.-based independent investment company Invesco Ltd. is acquiring additional shares in Zee Entertainment Enterprises Ltd. Under the transaction, Invesco will hike its stake in the Indian media company to 8.25% from 0.02%.

* In other Zee Entertainment news, the company revealed that its stake sale process is now in the advanced stage, with a formal announcement expected in July, Mint reported.

* Singapore-based social music platform BandLab Singapore Pte. Ltd. is acquiring British music magazines NME and Uncut, The Straits Times reported. BandLab will acquire the two publications from British publisher Ti Media Ltd. for an undisclosed amount.

TELECOMMUNICATIONS

* Boost Mobile LLC founder Peter Adderton is preparing for a bidding war with companies including Amazon.com Inc. and Facebook Inc. as the Australian telco entrepreneur plans to buy back the U.S. business of Boost Mobile, which he sold to Sprint Corp. in 2004, according to The Australian Financial Review.

* Bharti Airtel Ltd. and Vodafone Group PLC issued a joint statement declaring that the merger of Indus Towers Ltd. and Bharti Infratel Ltd. is at an advanced stage of completion. The shareholder groups also put forward the names of Bimal Dayal and Hemant Ruia for the roles of CEO and CFO, respectively, in the merged company.

* Superloop Ltd. has ended sale discussions with QIC Pvt. Capital Pty Ltd. after the parties failed to agree to a transaction. QIC earlier offered a nonbinding conditional and indicative proposal to acquire the Australian network provider for A$1.90 per share.

* Uniti Wireless Ltd. is acquiring communications platform-as-a-service company Call Dynamics Pty. Ltd. for A$2 million in a cash-and-stock deal set to close June 1. The telco will pay 63% of the transaction's amount in cash.

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