Demand is slowing down, addressable market of various businesses are shrinking, competition has intensified, business sentiments are low, world’s biggest economies are in recession and market valuations are at historic lows—seriously, the time has come to witness history’s biggest consolidation phase. We intend to re-start our blog to track the M&A and PE related events in India and in the world which will have likely impact on India. Keep visiting.
Saturday, March 28, 2009
Walt Disney to Hike stake in UTVi
UTV Software Communications, in which Walt Disney Company holds a majority stake, is planning to increase its shareholding from 20 to 49% in a Special Purpose Vehicle (SPV) that owns and controls the business news channel UTVi. Walt Disney currently holds 59.9% in publicly-listed UTV Software Communications, in which Ronnie Screwvala holds 23% and the rest lies with the public. UTV Software Communications, in turn, holds 20% in an SPV that owns UTVi. Screwvala and associates hold the rest. Because of Walt Disney’s majority holding in UTV Software Communications, the company is considered a foreign company under the pre-2009 FDI guidelines, so the SPV will be considered a foreign-owned company. The proposal, which was made at a UTV board meeting on Friday, would effectively mean that, on a pro-rata basis, Walt Disney’s stake in the SPV would go up to 29%
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