Alibaba to Invest $200m in India online grocer

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

Chux Mogolu, Key Account Director, Dangote Cement, (left) in a handshake with the Chief Executive Officer of Jumia Nigeria, Juliet Anammah after the flag-off of on-line purchase dealLink: Dangote GroupLink: Dangote Cement PlcLink: Jumia Nigeria

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

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

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

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

L-R: Dr. Richard Ajayi, Chairman, PathCare Nigeria; Dr. Pamela Ajayi, Managing Director, PathCare Nigeria; Thomas Degott, CEO, Synlab Emerging Markets; Dr. Tolu Adewole, Executive Director, Operations - PathCare Nigeria, at the Press Conference announcing SYNLAB's major acquisition of majority stake in Pathcare Nigeria.

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

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. […]

Sprint, T-Mobile deal collapses

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

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 […]