Adani Group To Acquire 49% Stake In Quintillion Business Media For Undisclosed Amount

 Adani Group To Acquire 49% Stake In Quintillion Business Media For Undisclosed Amount


Billionaire Gautam Adani’s AMG Media Networks, a unit of Adani Enterprises, will buy a 49% stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd for an undisclosed amount, according to regulatory filing.

In March, Adani Enterprises announced their entry into the media business by acquiring an unspecified minority stake in Quintillion Business Media Ltd (QBML).

It 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 relation to its proposed acquisition of 49% stake. at QBML, Adani Businesses said in a late-night regulatory filing on 13 May.

“SHA and SPA have recorded the terms of the agreement in relation to the acquisition of QBML’s 49% equity shares in AMG Media and the inter se rights and obligations and other matters relating thereto,” Adani added. Enterprises.

QBML is a business and financial news firm and operates a leading business news digital platform BloombergQuint.

This was also confirmed by Quint Digital Media Ltd through a separate regulatory filing on 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 entered into specific agreements with AMG Media Networks Limited, a wholly-owned subsidiary of Adani Enterprises Limited, to complete the divestment of Quintillion Business Media Ltd’s 49% stake, ”it said.

Adani Enterprises on March 1, 2022, signed a Memorandum of Understanding with Quint and announced it would enter the media business by acquiring an unspecified minority stake in QBML.

“The Adani Group’s proposed transaction is solely for QBM which is a digital business news platform and not in relation to other digital media/media tech properties owned by Quint Digital viz. The Quint, Quintype Technologies, the new minute and Youthkiawaaz, “it said.

The port-to-energy conglomerate led by Gautam Adani has been looking to enter the media space in recent months.

Last month, Adani Enterprises founded AMG Media Networks, an arm it says is in the business of “publishing, advertising, broadcasting, distributing content across various types of media networks. “

In September 2021, it hired veteran journalist Sanjay Pugalia to lead its media company, Adani Media Ventures.

The Adani Group has a market capitalization of more than $ 150 billion, including seven publicly listed firms that are in the business of operating airports and ports, power generation and transmission, coal and city gas distribution networks.

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