Adani Group’s media arm, AMG Media Networks Limited (AMG Media), is set to acquire a 49% stake in Quintillion Business Media Limited (QBML).
A shareholders’ agreement has been signed to this effect with Quintillion Media Limited (QML) and Quintillion Business Media Limited (QBML). Additionally, a share purchase agreement with QML, QBML and Quint Digital Media Limited (QDML) was signed on May 13, 2022 as part of its proposed acquisition of a 49% stake in QBML.
Quintillion Business Media Limited owns and operates a proprietary digital media platform for business and financial information, namely, www.bqprime.com (formerly known as www.bloombergquint.com). Notably, the buzz around the Adani Group media acquisition has been doing the rounds for some time.
In a filing, Adani Enterprises Limited, said: “The SHA and the SPA register the terms of the agreement regarding the acquisition of 49% of the shares of QBML by AMG Media and the rights and obligations inter se and other related issues.
In its stock exchange filing, QDML said: “Pursuant to the Memorandum of Understanding dated March 1, 2022, the Company and its material subsidiaries, viz. Quintillion Media Ltd and Quintillion Business Media Ltd. have entered into definitive agreements with AMG Media Networks Limited, a wholly owned subsidiary of Adani Enterprises Limited, to complete the sale of 49% of the capital of Quintillion Business Media Limited.
The transaction is subject to customary closing conditions and required approvals, he said. QMBL and QML are subsidiaries of Quint Digital Media Limited, which operates The Quint. Raghav Bahl and Ritu Kapur are the promoters of Quint Digital Media Limited (formerly known as Gaurav Mercantiles Limited).
May 15, 2022