Adani Enterprises to acquire 49% stake in Quintillion Business Media
The Hindu
Earlier in March, Adani Enterprises announced its foray into the media business by acquiring an unspecified minority stake in Quintillion Business Media Ltd
AMG Media Networks, a unit of billionaire Gautam Adani’s conglomerate Adani Enterprises, will pick a 49% stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd for an undisclosed sum, according to a regulatory filing.
Earlier in March, Adani Enterprises announced its foray into the media business by acquiring an unspecified minority stake in Quintillion Business Media Ltd (QBML).
It has signed a Shareholders‘ Agreement with Quintillion Media Ltd (QML) and QBML and a share purchase agreement with QML, QBML and Quint Digital Media Ltd (QDML) in connection with its proposed acquisition of a 49% stake in QBML, said Adani Enterprises in a late-night regulatory filing on May 13.
“The SHA and SPA record the terms of agreement with respect to the acquisition of 49% equity shares of QBML by AMG Media and the inter se rights and obligations and other matters in connection therewith,” said Adani Enterprises.
QBML is a business and financial news company and operates a leading business news digital platform BloombergQuint.
This was also confirmed by Quint Digital Media Ltd through a separate regulatory filing to the exchanges.
“We would like to inform you that pursuant to the Memorandum of Understanding dated March 1, 2022, the Company and its material subsidiaries Quintillion Media Limited and Quintillion Business Media Ltd have signed definite agreements with AMG Media Networks Limited, a wholly-owned subsidiary of Adani Enterprises Limited, to conclude the divestment of 49% stake in Quintillion Business Media Ltd,” it said.