Adani Group’s media arm, AMG Media Networks Limited (AMG Media), is set to acquire a 49 per cent stake in Quintillion Business Media Limited (QBML).
A shareholders’ agreement has been signed to this effect with Quintillion Media Limited (QML) and Quintillion Business Media Limited (QBML). Also, a Share Purchase Agreement with QML, QBML and Quint Digital Media Limited (QDML) was signed on May 13, 2022 in connection with its proposed acquisition of a 49 per cent stake in QBML.
Quintillion Business Media Limited owns and operates an exclusive business and financial news digital media platform, viz., www.bqprime.com (formerly known as www.bloombergquint.com). Notably, the buzz over Adani Group’s media acquisition has been doing rounds for some time.
In a stock exchange filing, Adani Enterprises Limited, said, “The SHA and SPA record the terms of agreement with respect to the acquisition of 49 per cent equity shares of QBML by AMG Media and the inter se rights and obligations and other matters in connection therewith.”
In its filing on the stock exchanges, QDML said, “Pursuant to the Memorandum of Understanding dated March 1, 2022, the Company and its material subsidiaries, viz. Quintillion Media Ltd and Quintillion Business Media Ltd. have signed definite agreements with AMG Media Networks Limited, a wholly owned subsidiary of Adani Enterprises Limited, to conclude the divestment of 49 per cent stake in Quintillion Business Media Limited.”
The transaction is subject to customary closing conditions and requisite approvals, it said. QMBL and QML are the subsidiaries of Quint Digital Media Limited, which operates The Quint. Raghav Bahl and Ritu Kapur are the Promoters of Quint Digital Media Limited (formerly known as Gaurav Mercantiles Limited).