Private equity groups Apax Partners, CVC Capital and Thomas H. Lee Partners (TH Lee) are vying to acquire a minority stake in IBS Software, a leading SaaS solutions provider to the global travel industry, from their existing PE backer Blackstone.
The three have submitted binding offers to acquire about 32% stake held by Blackstone in the company, The Economic Times reported, citing multiple people aware of the development.
This proposed transaction is likely to value IBS Software at $1.5 billion. JP Morgan is advising Blackstone to find a buyer for its stake. The deal is expected to get signed by the end of April, the individuals mentioned above said.
Mohit Malhotra, the former managing director and chief executive officer of Godrej Properties, has set up a property development and investment company called NeoLiv, Financial Express reported.
Initially, NeoLiv will focus on developing residential properties in the Delhi-NCR region and Mumbai Metropolitan region, targeting healthy returns with measured equity risk, said Malhotra, who is the founder and CEO of the firm.
“NeoLiv has raised $10 million (Rs 82 crore) in additional funding from a large domestic institution,” he added.
Vedanta-Foxconn
The Vedanta-Foxconn semiconductor consortium’s discussions with STMicroelectronics for inducting it as a technology partner have got stuck due to lack of agreement on finer details of technology transfer, the duration of the partnership and the funds to be invested by each company, multiple people aware of the situation told ET.
One key sticking point is that STMicroelectronics wants to limit the scope of the technology transfer as well as have a sunset clause regarding the duration of the joint venture, said a person close to the development.
GenWise
GenWise, a startup founded by former executives of digital payment platform BharatPe, has raised funds in its maiden round, Entrackr reported, citing three people aware of the development.
The Delhi-based startup is an online community for Indian elders and their family members.
“Matrix has led [a] $3.5 million round in GenWise along with a few other individuals from [the] fintech sector,” said one of the sources on the condition of anonymity. “The round is already closed and the company is trying to build in stealth.”
