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News on Medial
Standard General makes offer to buy remaining stake in casino operator Bally's
Reuters
·
1y ago
Medial
Hedge fund Standard General has made an offer to acquire the remaining stake in Bally's Corp, valuing the casino operator at approximately $684 million. Standard General currently owns a 23% stake in Bally's and is its largest shareholder. The offer of $15 per share represents a 41% premium to Bally's last closing price. Standard General expects the offer to be considered by a special committee and will proceed only if approved. Shares of Bally's surged 26% following the announcement.
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Casino operator Delta Corp subsidiary gets Rs 6,384 crore GST notice from DGGI
IndianStartupNews
·
1y ago
Medial
Indian casino operator Delta Corp's subsidiary, Deltatech Gaming, has received a notice from the Directorate General of GST Intelligence demanding payment for a tax shortfall of Rs 6,384 crore. This adds to Delta Corp's existing tax liabilities totaling Rs 23,206 crore. The notice is based on the gross bet value of games played, following the GST council's decision to impose a 28% tax on the full face value of chips purchased for playing.
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Gautam Adani's AMG Media Networks to acquire remaining stakes in Quintillion Business Media
IndianStartupNews
·
1y ago
Medial
Gautam Adani-led Adani Enterprises said that its unit AMG Media Networks board has approved the signing of a memorandum of undertaking to buy the remaining 51% stake in Quintillion Business Media
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Mark Cuban reveals why he's selling the Dallas Mavericks
Business Insider
·
1y ago
Medial
Mark Cuban recently sold his majority stake in the Dallas Mavericks to the Adelson and Dumont families, who have ties to the hotel and casino industry. Cuban sees the future of NBA ownership in real estate and believes this partnership will help grow the team's revenue base. He will maintain a 27% stake and control of basketball operations, with Patrick Dumont serving as Mavericks governor. The sale is valued at around $3.5 billion. Cuban also hinted at potential efforts to legalize gambling in Texas, which could benefit his new partners in the casino business.
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Wipro inks $66 mn deal to acquire US insurtech firm Aggne
VCCircle
·
1y ago
Medial
Indian IT services major Wipro is set to acquire a majority stake in insurtech firm Aggne Global for $66m in an all-cash deal. Wipro will initially purchase a 60% stake in the Florida-based company and its India-based affiliate, with the option to buy the remaining stake in the future. Aggne, founded in 2019, provides IT, consulting, and managed services to the property and casualty insurance industry. The acquisition is expected to bolster Wipro's position in the insurance market and enhance its range of offerings.
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Alibaba group to scrap Hong Kong IPO plans of its logistics unit Cainiao
Money Control
·
1y ago
Medial
Alibaba Group has decided to abandon its plans for a Hong Kong IPO of its logistics unit, Cainiao. Instead, it is offering $3.75 billion to buy out the remaining 36 percent stake in the company. Chairman Joe Tsai believes there is a great opportunity for growth in expanding their global logistics network, hence the decision to focus on this business.
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BYJU'S settles dispute with Davidson over ₹1,400-cr debt
Money Control
·
1y ago
Medial
Ranjan Pai, chairman of Manipal Education and Medical Group, has purchased the debt investment of Davidson Kempner in a deal worth Rs 1,400 crore. This move brings relief to edtech company Byju's, as it resolves a longstanding dispute with the investment management firm. Pai also gains a board seat and the right to nominate two people on the board of Aakash, Byju's subsidiary. Additionally, he plans to buy out part of Aakash's promoter stake and Blackstone's remaining stake, taking his effective shareholding in Aakash to nearly 30%.
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Bharti to acquire minority stake in British telecom giant BT for $4 bn
VCCircle
·
12m ago
Medial
Indian telecommunications company Bharti Enterprises has announced its plan to acquire a 24.5% stake in BT, the UK's biggest broadband and mobile company. Bharti will pay about $4 billion to buy out BT's top investor, Patrick Drahi, as his Altice group struggles with high debts. Bharti currently owns Bharti Airtel, which operates in 17 countries. The deal is awaiting national security clearance from the UK government before the remaining stake can be acquired. Bharti has stated its support for BT's executive team and strategy in building the country's fiber network.
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General Atlantic-controlled KFin Technologies to buy Singapore’s Ascent Fund Services
VCCircle
·
3m ago
Medial
KFin Technologies, backed by General Atlantic, plans to acquire Singapore-based Ascent Fund Services. Initially, KFin will purchase a 51% stake for $34.7 million, followed by the remaining stake over five years. A $5 million primary capital infusion and a $29.7 million secondary purchase reflect an enterprise value of $63 million. This acquisition extends KFin’s reach into global fund administration, offering services across multiple jurisdictions, with Ascent managing $24 billion in assets for diverse clients globally.
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Delta Corp shares rise nearly 5% amid likely relief at GST Council meeting
Money Control
·
11m ago
Medial
Shares of Delta Corp, a casino operator, rose nearly 5% on September 6. This increase was due to the likelihood of relief being granted at the GST Council meeting on September 9. The meeting aims to discuss the interpretation of a recently introduced amendment in the GST Act, which could potentially bring relief to retrospective tax demands. The outcome of the meeting may have significant implications for the real-money gaming industry, including companies like Delta Corp's Adda52. The gaming industry has faced substantial GST retrospective tax demands since July 2017.
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India's Delta Corp shares sink on $1.34 bln tax blow
Reuters
·
1y ago
Medial
Shares of Indian casino operator Delta Corp plunged by 20% after receiving a notice to pay 111.40 billion rupees ($1.34 billion) in tax arrears. The company and its units also received intimations of an additional tax shortfall of 56.83 billion rupees. This adds to the challenges faced by the gaming company, which has already been dealing with elevated levies imposed by the federal government. The stock's decline is the sharpest since July 12, when a 28% indirect tax was imposed on gaming companies. The shares have fallen by 32% this year.
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