September 27, 2018 / 8:10 PM / 2 years ago

Deals of the day-Mergers and acquisitions

(Adds Cognizant, AT&T, United Group, Aetna, CVS Health)

Sept 27 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday:

** Information technology provider Cognizant Technology Solutions Corp is in talks to buy application developer Softvision for about $550 million to boost Cognizant’s digital business, people familiar with the matter said.

** The U.S. Chamber of Commerce and other powerful business groups asked an appeals court to not undo AT&T Inc’s purchase of movie and TV show maker Time Warner, despite the protests of the Justice Department.

** Private equity firm BC Partners said it would buy majority ownership of European cable and pay-TV operator United Group from KKR.

** Health insurer Aetna Inc said it would sell its Medicare prescription drug plan business to WellCare Health Plans Inc as it seeks U.S. antitrust approval for its planned $69 billion deal to merge with CVS Health Corp.

** Global mining giants Freeport McMoRan Inc and Rio Tinto have struck a binding accord to sell a majority stake in the world’s second-biggest copper mine, Grasberg, to Indonesia’s state mining company, Inalum for $3.85 billion.

** Aboitiz Power Corp, one of the Philippines’ biggest electricity producers, has struck a deal to pay $579 million for a stake in Ayala Corp’s thermal energy platform, the two companies said.

** Malaysia’s Axiata Group Bhd, the biggest shareholder in M1 Ltd, is likely to reject an offer that valued the Singapore mobile operator at up to S$1.9 billion ($1.4 billion), a source with direct knowledge of the matter said.

** Zurich Insurance is acquiring an 80 percent stake in Indonesia’s Adira Insurance from PT Bank Danamon Indonesia and a minority investor for at least around $414 million, the Swiss group said.

** Ireland-based DCC Plc plans to buy Canada-based musical instruments distributor Jam Group for an enterprise value of $170 million, the company said, as it continues to diversify its business through acquisitions.

** Comcast said it would stop buying Sky’s shares in the market after it secured 38 percent of the stock plus the 39 percent holding from Rupert Murdoch in the $40 billion takeover. (Compiled by John Benny and Bharath Manjesh in Bengaluru)

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