MAM
IndusInd offloads 3% stake to Swiss firm Kudelski
NEW DELHI: IndusInd Media & Communications Ltd. (IMCL), a Hinduja TMT company, has entered into an agreement with Kudelski SA, a listed company of Switzerland for issuing up to 3 per cent of its equity based on IMCL valuation of approximately $ 500 million.
While the parameters of the valuation have already been worked out and agreed to with the assistance of the Company’s advisors PriceWaterhouseCoopers (PWC) Corporate Finance group and Amas Securities, the final valuation will be arrived at on completion of due diligence, according to a statement from the company.
As earlier reported in indiantelevision.com, Nagravision SA, a wholly owned subsidiary of Kudelski, will also provide an exclusive Conditional Access solution to encrypt and secure the digital pay TV services of IMCL and render turnkey services for deployment of digital pay TV services.
Nagravision is among the world’s largest providers of secure access to pay TV services via more than 35 million decoder set top boxes worldwide, the release says. On completion of the deal, IMCL’s stakeholders will include two listed leading technology companies: Intel and Kudelski.
The majority shareholding would continue with IN Network Entertainment Ltd., and in turn Hinduja TMT Ltd.
Nagravision will supply a turnkey implementation at the heart of which will be the technology for encryption of Pay TV services (including Conditional Access System) and Smart Cards for deployment of Digital set-top boxes in India. It would integrate the CAS with the compression system/digital headend as well as SMS, billing system and all associated integration requirements.
Nagravision SA of Switzerland, the wholly owned Digital TV and broadband solutions subsidiary of the Kudelski Group, has been chosen to exclusively provide comprehensive digital pay TV technology to IMCL.This technology manages transactions and interactivity while ensuring that only subscribers who have paid for a service can gain access. Nagra’s principal customers include EchoStar in US, Telewest and NTL in UK, Premier in Germany and Hong Kong Cable Television in Asia/Pacific.
Through IMCL, HTMT has incubated in India an organization that has rapidly grown in the past 8 years to become India’s largest independent multi system operator (MSO).
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Sun Pharma to acquire Organon in $11.75 billion deal at $14 per share
Acquisition to create $12.4 billion pharma giant with global scale and biosimilars push
MUMBAI: Sun Pharmaceutical Industries Limited has signed a definitive agreement to acquire Organon & Co. in an all-cash deal valued at $11.75 billion, marking one of the largest cross-border pharma acquisitions by an Indian firm.
Under the terms of the agreement, Organon shareholders will receive $14.00 per share in cash, with Sun Pharma set to acquire 100 per cent of the company’s outstanding shares. The transaction, approved by the boards of both companies, is expected to close in early 2027, subject to regulatory approvals and shareholder consent.
The deal significantly expands Sun Pharma’s global footprint and strengthens its position across women’s health, biosimilars, and branded generics. The combined entity is projected to generate revenues of around $12.4 billion, placing it among the top 25 pharmaceutical companies globally.
Organon, which was spun off from Merck in 2021, brings a portfolio of over 70 products spanning women’s health and general medicines, with operations across more than 140 countries. Its established presence in key markets such as the US, Europe, and China complements Sun Pharma’s existing strengths and growth ambitions.
Sun Pharmaceutical Industries Limited executive chairman Dilip Shanghvi said, “This transaction represents a significant opportunity for Sun Pharma to build on its vision of reaching people and touching lives. Organon’s portfolio, capabilities and global reach are highly complementary to our own.”
Sun Pharmaceutical Industries Limited managing director Kirti Ganorkar added, “This transaction is a logical next step in strengthening Sun Pharma’s global business. Together, we will become a partner of choice for acquiring and launching new products.”
From Organon’s side, Organon & Co. executive chair Carrie Cox noted, “This all-cash transaction offers compelling and immediate value to Organon stockholders, while positioning the business for continued growth under Sun Pharma.”
Strategically, the acquisition gives Sun Pharma entry into the global biosimilars space as a top 10 player and strengthens its innovative medicines portfolio, which is expected to contribute around 27 per cent of combined revenues. The deal is also expected to nearly double EBITDA and cash flow, supporting long-term deleveraging and investment capacity.
Sun Pharma plans to fund the acquisition through a mix of internal accruals and committed financing from global banks, while maintaining focus on disciplined integration and operational continuity post-merger.
If completed as planned, the deal signals a clear shift in India’s pharmaceutical ambitions, from scale at home to leadership on the global stage, with Sun Pharma positioning itself as a more diversified and innovation-led healthcare powerhouse.
