9 Key M&A Stories for Corporate Leaders

India's print media is buzzing with M&A activity. From IT services to jewellery, edtech to healthcare, here are the 9 most important corporate deals from today's newspapers, tracked by Press Monitor's media monitoring.

1. Happiest Minds-ITC Infotech Merger

A front-page report in The Hans India says IT industry veteran Ashok Soota is selling his 22.1 per cent stake in Happiest Minds Technologies to ITC Infotech, a subsidiary of ITC Ltd, for about Rs 1,330 crore, with the proceeds funding his medical research trust SKAN and his health and wellness platform Happiest Health. The stake sale is part of a larger strategic transaction to merge ITC Infotech and Happiest Minds into an AI-first enterprise targeting USD 1 billion in revenue by FY28, in which ITC Ltd will hold 73.4 per cent of the combined entity. Soota, who founded Happiest Minds in 2011, will retain a 7.55 per cent stake in the merged entity.

Why it matters: This merger creates an AI-first enterprise targeting $1 billion revenue by FY28.

Key detail: Ashok Soota sells 22.1% stake for Rs 1,330 crore; ITC to hold 73.4% of combined entity.

Source: The Hans India, Business Line, Millennium Post

Next step: Watch for regulatory approvals and integration progress.

2. Starman Optical to Acquire GoPro

A front-page report in Mint says GoPro is being acquired by Starman Optical in an all-cash deal valued at $285 million. GoPro shareholders will receive an aggregate cash payment of about $1.14 per share while retaining roughly 10% ownership of the combined company.

Why it matters: GoPro's $285 million all-cash acquisition signals a new chapter for the action camera maker.

Key detail: Shareholders get $1.14 per share and retain 10% ownership.

Source: Mint

Next step: Monitor shareholder approval and closing conditions.

3. GRT Jewellers to Acquire 74% of TBZ

A front-page report in Times of India says GRT Jewellers India, which has its headquarters in Chennai, has agreed to acquire a 74.1% stake in Mumbai-based listed jewellery company Tribhovandas Bhimji Zaveri for an aggregate consideration of up to Rs 1,033.7 crore. The acquisition will give GRT access to TBZ's network of 37 stores across India.

Why it matters: This deal expands GRT's retail footprint with TBZ's 37 stores.

Key detail: Consideration up to Rs 1,033.7 crore.

Source: Times of India

Next step: Track store integration and brand strategy.

4. upGrad Acquires Unacademy at $200 Million

A front-page report in Financial Express says Ronnie Screwvala-led upGrad has completed the acquisition of edtech firm Unacademy in an all-stock deal valuing the company at just over $200 million — more than 90% below its peak valuation of $3.44 billion in 2021. The deal takes Unacademy's parent Sorting Hat Technologies into upGrad Education, giving the acquirer entry into online test preparation for UPSC, JEE, NEET and GATE, and values upGrad at around Rs 18,000 crore. Unacademy co-founder and chief executive Gaurav Munjal will continue to lead the company, while its brands, including PrepLadder, Graphy and Airlearn, will be retained and run separately.

Why it matters: A major edtech consolidation, valuing Unacademy 90% below its peak.

Key detail: All-stock deal; Gaurav Munjal continues as CEO.

Source: Financial Express

Next step: Assess impact on online test prep market.

5. Permira to Buy 25.7% Cloudnine Stake

A front-page report in Economic Times says London-headquartered global private equity firm Permira is set to acquire a 25.7% stake in Kids Clinic India, the parent company of maternity and paediatric hospital chain Cloudnine Hospitals, valuing it at around Rs 11,000 crore ($1.5 billion). Permira beat rival TPG Capital to buy the stake held by existing investor True North, which is making a complete exit more than a decade after first investing in the chain in 2015. The transaction, to be executed through newly incorporated Luxembourg entity NuageLux BidCo, is subject to regulatory approvals, with Permira having already sought the Competition Commission of India's nod.

Why it matters: PE firm Permira values Cloudnine at ~$1.5 billion, beating TPG.

Key detail: True North exits after a decade; CCI approval sought.

Source: Economic Times

Next step: Watch for regulatory clearance and expansion plans.

6. CCI Clears TPG-led Aseem Buyout

A front-page report in Free Press Journal says the anti-trust regulator, the Competition Commission of India, has cleared a TPG-led consortium's proposal to acquire Aseem Infrastructure Finance. The US-based TPG, through its arm TPG Nicobar SG Pte Ltd, is acquiring the stake in the company. The regulator announced its approval through a post on X on Tuesday.

Why it matters: Regulatory green light for TPG's infrastructure finance acquisition.

Key detail: TPG Nicobar SG Pte Ltd to acquire stake.

Source: Free Press Journal

Next step: Monitor deal completion and integration.

7. Tata Consumer Products Buys More in Capital Foods

A front-page report in Free Press Journal says Tata Consumer Products Ltd (TCPL) on Tuesday acquired a 5% stake more in Capital Foods Pvt Ltd from Wildflower Pvt Trust, according to an exchange filing. With this, the FMCGs company’s total holding in Capital Foods increased to 80%. This forms part of a phased buyout plan that started in January 2024 when TCPL had announced the acquisition of Capital Foods Pvt Ltd at an enterprise value of %51 billion.

Why it matters: TCPL increases stake to 80% in phased buyout.

Key detail: 5% stake acquired from Wildflower Pvt Trust.

Source: Free Press Journal

Next step: Track full acquisition timeline.

8. China Blocks Meta's Manus Acquisition

A front-page report in Economic Times says China has blocked Meta's acquisition of Manus, a Chinese-developed, Singapore-based artificial intelligence agent, in a deal reportedly worth around $2 billion. China's top economic planning body prohibited the transaction and required the parties involved to withdraw it. Manus has formally resumed independent operations, though some users will face a temporary interruption to access while backing up and restoring their data.

Why it matters: Cross-border tech deal blocked by Chinese regulator.

Key detail: $2 billion AI agent deal prohibited; Manus resumes independent operations.

Source: Economic Times

Next step: Analyze implications for global AI M&A.

9. TCS Wins Best Buy GCC Deal

A front-page report in Times of India says TCS has beaten Accenture to take over the India global capability centre operations of US consumer electronics retailer Best Buy, in a five-year deal estimated at Rs 22,000 crore. The deal covers the Bengaluru-based centre of around 600 employees along with broader technology services spanning digital transformation, data, analytics and AI, deepening TCS's long-standing relationship with Best Buy. Wipro was also part of the initial shortlist for the mandate.

Why it matters: TCS beats Accenture for a Rs 22,000 crore five-year deal.

Key detail: Covers Bengaluru GCC of 600 employees and digital transformation.

Source: Times of India

Next step: Watch for execution milestones.

These stories are just a snapshot of today's print media coverage. For a comprehensive press review, rely on Press Monitor's media intelligence to stay ahead of corporate developments.

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