Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
[M&A] American Tower will buy Telxius from Spain’s Telefóica and PE firm KKR for $7.7 billion. The deal will result in American Tower gaining control of over 31,000 towers in Europe and Latin America.
Over60: Business Wire
[M&A] India based Byju’s has agreed to take over Blackstone backed Aakash Educational Services for $1 billion. Byjus, which is valued at $12 billion has more than 70 million users log into its app in September, of which 4.5 million were paid users. The deal is touted to be one of the largest edtech deals in the world.
Over60: Business Today
[Automobiles] The global shortage of semiconductors has forced Honda to close its UK manufacturing operation in Swindon for four days. Honda plans on closing the plant entirely in the summer of 2021.
[M&A] Visa has reportedly dropped out of its deal to buy fintech firm Plaid for $5.3 billion. The move comes as the U.S. Department of Justice sued to block the transaction due to antitrust laws. The Visa management estimates that it could face between $300-$500 million in downside risk to its debit card business if Plaid merges with a rival.
[Earnings] Wipro and Infosys have kicked off the earnings season for the Indian IT sector in some style. Wipro reported a 21% YoY rise in consolidated profits along with its highest growth in dollar revenue in the past 36 quarters. Infosys reported a 16.6% growth in profit, beating analyst expectations. Infosys also raised its revenue growth guidance for FY21 to 4.5-5%.
[M&A] Canada based Alimentation Couche-Tard is reportedly in talks with French retailer Carrefour regarding a takeover which could provide a joint valuation of $50 billion, post-merger. Shares in Carrefour soared by 11% on Wednesday.
We’re doing something a little extra today. We stumbled across a very interesting analysis about Bitcoin which was published on FT. You can read up about it here. We’ll just leave you with this interesting chart in case you miss on the whole analysis.
“Bitcoin is not a hedge for equity investments.” - Nikolas Panigirtzoglou, JP Morgan
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