Zomato Limited completed the acquisition of Wasteland Entertainment Private Limited and Orbgen Technologies Private Limited from One97 Communications Limited for INR 20.5 billion.
Zomato Limited (NSEI:ZOMATO) entered into an agreement to acquire Wasteland Entertainment Private Limited and Orbgen Technologies Private Limited from One97 Communications Limited (NSEI:PAYTM) for INR 20.5 billion on August 21, 2024. One97 has entered into multiple definitive agreements simultaneously under which it will first transfer its events business to its subsidiary company, Wasteland Entertainment Private Limited and movies ticketing business to subsidiary company, Orbgen Technologies Private Limited and then ultimately selling 100% stake in the subsidiaries Wasteland Entertainment Private Limited and Orbgen Technologies Private Limited to Zomato. The transaction value is subject to cash and net working capital adjustments at closing. For the period ending March 31, 2024, Wasteland Entertainment Private Limited/Orbgen Technologies Private Limited reported net income of INR 2.51 billion and total common equity of INR 177.5 million. The deal has been approved by the board of One97. The transaction is subject to the satisfactory completion of all closing condition and is expected to close within 90 days from the execution date of the agreement.
Deloitte Touche Tohmatsu India, LLP acted as accountant for One97 Communications Limited. Morgan Stanley India Company Private Limited acted as fairness opinion provider for One97 Communications Limited. L&L Partners acted as legal advisor for One97 Communications Limited. Kotak Mahindra Capital Co. Ltd. acted as a financial advisor and Fairness opinion provider to Zomato.
Zomato Limited (NSEI:ZOMATO) completed the acquisition of Wasteland Entertainment Private Limited and Orbgen Technologies Private Limited from One97 Communications Limited (NSEI:PAYTM) on August 27, 2024.
One 97 Communications Limited, which owns the brand Paytm, is an India-based company. It is engaged in the business of providing payment and financial services, which includes payment facilitator services, facilitation of consumer and merchant loan distribution to consumers and merchants, wealth management, and others. Its services include digital recharge, bill payments, such as utility bills, education and money transfers on the app, online payment gateways as well as offline payment modes to merchants either through QR codes, Soundbox or Card Machines. It also offers digital distribution of credit, insurance, mutual funds distribution and equity broking. Its other services include deals and gift vouchers, advertising services and loyalty programs for merchants as well as distribution of credit cards. Its offerings cater to a range of customer requirements, facilitating money transfers, merchant payments, bill payments, e-commerce transactions and access to other financial services.
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Zomato Limited completed the acquisition of Wasteland Entertainment Private Limited and Orbgen Technologies Private Limited from One97 Communications Limited for INR 20.5 billion.
