Alibaba to Invest $200m in India online grocer
Businessam Staff
December 8, 2017
Alibaba Group Holding Ltd., China’s e-commerce giant, plans to invest about $200 million in India’s largest online supermarket, Bigbasket, leading a $280 million funding round in the startup, according to people familiar with the negotiations. Alibaba is taking a stake of about 25 percent in Bigbasket after months of negotiations, said the people, asking not […]
Dangote partners Jumia, takes cement business online
Businessam StaffDecember 5, 2017
The management of Dangote Cement Plc has signed a pact with the foremost e-commerce platform in Nigeria, Jumia, to offer sale of its cement to customers online with the move designed to reduce price and ease logistics inherent in the purchase of its products. At the unveiling of the deal in Lagos, Dangote Cement, Key […]
Sterling Bank says its dealings with Grand Properties clean, legitimate
Businessam StaffDecember 4, 2017
Sterling Bank Plc has said its dealings as a lead bank in an N8 billion syndicated loan-financing transaction between it and Grant Properties Limited, a property development company, owned by one Olajide Awosedo, which spanned over a decade solely with depositors funds, were transparent. The bank’s rebuttal followed a report by an online news medium […]
Nigeria’s Seven-Up gets $60m takeover offer from majority shareholder
Businessam StaffNovember 30, 2017
Nigeria’s Seven-Up bottling company has received an offer from its majority shareholder Affelka to buy out minorities for 19.33 billion naira ($60 million), vice chairman Sunil Sawhney told Reuters. Affelka has offered to acquire 171.5 million shares from minorities at 112.70 naira per share, an 18 percent premium to Thursday’s share price of 95.50 naira. […]
Meredith to buy U.S. publisher Time in Koch-backed deal
Businessam StaffNovember 27, 2017
U.S. media company Meredith Corp said Sunday it will buy Time Inc, the publisher of People, Sports Illustrated and Fortune magazines, in a $1.84 billion all-cash deal backed by conservative billionaire brothers Charles and David Koch. The deal is a coup for Meredith, which held unsuccessful talks to buy Time earlier this year and in […]
Europe’s largest lab operator acquires majority stake in Nigeria’s PathCare
Businessam StaffNovember 24, 2017
Synlab, Europe’s largest lab operator has bought a majority stake in Nigerian diagnostic company, PathCare Nigeria to try to tap into an underserved market for medical tests in Africa’s most populous country, it said Friday. Nigerian lab operators, providing standard blood and urine tests as well as other medical and veterinary diagnostic services, have been […]
Cannabis grower Aurora goes hostile in bid for CanniMed
Businessam StaffNovember 20, 2017
Aurora Cannabis Inc. plans to take its C$582 million ($455 million) takeover offer for CanniMed Therapeutics Inc. directly to shareholders after the management of the rival Canadian marijuana grower rejected merger talks. The process of offering investors Aurora stock worth C$24 per CanniMed share will begin this week, Vancouver-based Aurora said Monday in a statement. […]
South Africa’s Imperial disposes German chemicals unit, focuses on core businesses
Businessam StaffNovember 8, 2017
South Africa’s Imperial Holdings said on Wednesday it would sell its German chemicals unit, Schirm GmbH and related assets, to AECI for 110.5 million euro ($128.15 million) as it focuses on developing its core businesses. Imperial, which sells imported vehicles and runs a car rental agency in South Africa, has sold off assets, including a […]
Sprint, T-Mobile deal collapses
Businessam StaffNovember 6, 2017
SoftBank Group Corp.’s talks to merge U.S. unit Sprint Corp. with T-Mobile US Inc. ended after months of negotiations, dashing investors’ hopes for a wireless megamerger and signaling that unlimited data plans and heavy price discounting among U.S. carriers will continue. SoftBank Chief Executive Officer Masayoshi Son and Tim Hoettges, CEO of T-Mobile parent Deutsche […]
Apple ordered to pay $440m to FaceTime patent troll
Businessam StaffOctober 17, 2017
VirnetX’s seemingly endless FaceTime patent lawsuit against Apple is winding down… sort of. An Eastern District of Texas court has denied all of Apple’s motions to end the case in a non-infringement ruling or retrial, leaving the tech giant with a final judgment that orders it to pay VirnetX $439.7 million. That’s much more than […]