AMG Media Networks (AMG Media), the media arm of Adani Enterprises, picked up a 49% stake in Quintillion Business Media, which operates business news platform BloombergQuint.
The transaction amount of the deal has not been disclosed.
Cyril Amarchand Mangaldas advised Adani Enterprises on the structuring of the transaction, review, finalisation, negotiation and execution of transaction documents.
Lead partners to the deal were Smruti Shah and Paridhi Adani, with principal associate Aviral Chauhan, senior associate Devanshi Dalal and associates Priya Gupta, Kunal Gopal and Suneha Kasal.
BloombergQuint was formed in 2016 as a joint venture between Quint Business Media and Bloomberg.
Husband and wife Raghav Bahl and Ritu Kapur co-founded Quintillion Media in 2014 as a digital media company.
In March this year, Bloomberg Media announced its plan to exit its joint venture with Quintillion. Bloomberg said it would no longer co-produce content, but instead distribute its content in India through a licence agreement.
BQ Prime is owned by Quintillion Business Media, a subsidiary of Quint Digital Media.The deal will not include other digital properties owned by Quint Digital, such as Quint, Quintype Technologies, the News Minute and Youth Ki Awaaz.
Adani Enterprises, which has a market capitalisation of over USD150 billion, and founded by India’s richest man Gautam Adani, is an infrastructure, logistics and energy conglomerate. The acquisition of Quint Business Media is its first foray into the media business.
KPMG acted as advisers to Quintillion and also offered legal advice through its associate law firm.
