Acquires Financial News

Decentralized finance (DeFi) group Aave Companies has been rebranded to Avara as it looks to broaden its user base across the Web3 ecosystem.

Savant Wealth Management has added another large-AUM firm to its growing list of acquisitions in 2023.

“We are excited to welcome Bitvo’s clients to the WonderFi ecosystem,” said WonderFi President and Chief Executive Officer, Dean Skurka. “The acquisition of Bitvo’s clients represents a non-dilutive acquisition for WonderFi, with immediate cash flow, increased scale, and an expected payback period of less than six months.”

PayPal, a notable player in the global payments realm, has secured approval from the Financial Conduct Authority (FCA) to offer cryptocurrency-related services in the United Kingdom. The authorization was disclosed on the FCA's website, affirming that PayPal has been registered for «certain crypto asset activities» in the region since October 31, 2023. This development is part of PayPal's broader scheme to establish a dedicated facility in the UK, aligning with the post-Brexit operational landscape.

Crypto news site The Block has been sold to venture capital group Foresight Ventures in a $70 million deal.

SEOUL (Reuters) — South Korea's largest music label Hybe Co, behind K-Pop supergroup BTS, said on Monday it acquired the music label of Spanish-language media company Exile Content in its first major foray into the Latin music market.

Eris Lifesciences on Wednesday said it has entered into a definitive agreement to acquire Biocon Biologics' dermatology and nephrology branded formulations business units in India for Rs 366 crore. Eris said the acquisition will be funded partly through debt financing. The deal is inclusive of working capital and the key leadership and entire field force of this business, consisting of over 120 personnel of Biocon Biologics' nephro and derma units are expected to move to Eris post deal. The transaction is expected to close by the end of November 2023. The business includes over 20 mother brands with FY23 Revenue of Rs 90 cr. and current revenue run-rate of Rs 100 crore. Some of the legacy brands include Tacrograf and Renodapt in organ transplants and emerging brands like Bionesp and Erypro in chronic kidney disease — induced anaemia.

Hub International Limited, the Chicago-based insurance brokerage and financial services firm, has purchased the assets of Renaissance Benefit Advisors Group, a retirement plan consulting firm that focuses on helping plan sponsors meet their fiduciary responsibilities, the company announced Monday.

Blockpit, an Austria-based crypto tax service provider, has acquired its rival platform Accointing from the crypto data company Glassnode. This acquisition positions Blockpit to align with the upcoming EU tax regulations, known as the Eighth Directive on Administrative Cooperation (DAC8).

Curated Living Solutions has acquired a student housing asset spread over 1.5 acre within the NSHM Knowledge Campus in West Bengal’s Durgapur. This student housing facility with around 1 lakh sq ft built-up structure has a total 766 beds. The deal marks Curated Living Solution’s first brownfield venture in the student housing vertical and has started operating from November 1. International property consultant JLL facilitated this transaction between Curated Living Solutions and NSHM Academy. Curated Living Solutions is looking to partner with colleges and universities across India to provide customised housing facilities to students.

Reliance Retail will now operate Sephora in India as Arvind Fashions Limited (AFL) has signed definitive agreements with Reliance Beauty & Personal Care Limited (RBPCL) to sell its wholly owned subsidiary Arvind Beauty Brand Retail Limited (ABBRL) which runs Sephora India business, in an all cash transaction. Transaction has been done at enterprise value of Rs 216 crore towards sale of entire equity stake and repayment of loans. On a consolidated basis, the turnover of Arvind Beauty Brands Retail Limited in the previous financial year 22-23 was Rs 336.70 crore which accounted for 7.60% of the consolidated revenue of the company. Net worth of Arvind Beauty Brands Retail Limited in the Financial Year 22-23 was Rs 10.6 crore which accounted for 1% of the consolidated net worth of the company. AFL intends to utilise the proceeds to invest in growth of its brands portfolio and repayment of debt.

The prominent business intelligence and software company MicroStrategy reaffirmed its unwavering dedication to Bitcoin with the recent acquisition of an additional 155 BTC at a total cost of $5.3 million.

Crypto billionaire Jed McCaleb, known as a co-founder major crypto companies like Stellar, Ripple, and Mt Gox, has launched a nonprofit with a mission to empower the development of generative AI.

Choreo, a Chicago-based registered investment advisor, is acquiring the wealth management business of accounting firm BDO USA, which oversees roughly $8.1 billion in assets under advisement or management, the firm announced Wednesday.

Infibeam Avenues has acquired an entire ground plus 10-storey commercial tower, which was being developed by textile manufacturer Sintex Group as its headquarters in Ahmedabad, for Rs 90 crore, said persons with direct knowledge of the development. In March, Reliance Industries completed its Rs 3,567-crore acquisition of Sintex Industries, exactly a year after banks had approved the acquisition and a month after the National Company Law Tribunal (NCLT) approved the transaction. This under-construction office tower with 400,000 sq ft space being built on 1.7 acres was not part of the resolution as one of the lenders had already taken charge of the property to recover its dues even before the resolution process had started. “The non-banking finance company (NBFC) had taken over the ownership of the property through a trust called Aavas Trust that decided to divest the property on an ‘as is where is basis’ through Swiss auction method,” said one of the persons mentioned above. International property consultant JLL as the exclusive transaction advisor had invited bids for the property with a base price of Rs 76.5 crore. After receiving bids from a few interested parties, the under-construction property on a freehold land parcel at Ahmedabad’s Vaishnodevi Circle was sold to the highest bidder, Infibeam Avenues, and the deal was registered on Monday. ET’s separate email queries to Infibeam Avenues, Sintex Industries, and transaction advisor JLL India remained unanswered until the time of going to press. Infibeam Avenues is expected to complete the construction of the newly-acquired commercial tower.

IKS Health announced the acquisition of AQuity Solutions as its wholly-owned subsidiary for $200 million, the company said in a media release. While IKS Health (Inventurus Knowledge Solutions Limited) provides administrative, clinical, and operational services in the healthcare domain, AQuity Solutions is tech-enabled clinical documentation, medical coding and revenue integrity solutions provider for the healthcare sector. «IKS Health’s market leadership in the ambulatory market will be coupled with AQuity’s market leadership in the acute care market to create an entity that enables clinicians and their enterprises to deliver better, safer, more efficient care across the continuum of care delivery,» the media release said. The combined company, which will operate as IKS Health, will likely have annual revenues of over $330 million with a global workforce of over 14,000 employees serving over 150,000 clinicians across hospitals, health systems, and specialty groups in the US, as per the claims made by the company. “US healthcare is in crisis, one that is deepening from all sides.

Thailand’s second-largest bank, signaling bullish fervor for blockchain after buying out one of the region’s local crypto exchanges through one of its subsidiaries.

Rolex SA has acquired the building that was home to rival Omega's flagship boutique. The building was located at Rue du Rhone, known as the priciest shopping street in the Swiss capital of Geneva. It has been acquired by Marconi Investment SA, the subsidiary of Rolex, for $133 million (129 million Swiss francs), Bloomberg reported, citing a filing with Geneva's land registry.

Mumbai: Blackstone Group Inc. has acquired controlling interests in Care Hospitals and Kims Health in a multi-layered deal valued at $1 billion, marking the private equity giant's maiden foray into India's healthcare sector. The New York-based firm secured roughly a 75% stake in Care Hospitals from Evercare Health Fund, an arm of TPG, for around $700 million, said a persom familiar with the transaction, requesting anonymity.

Thailand’s Kasikornbank, one of the largest banks in the country, is moving into the cryptocurrency industry by acquiring a majority stake in the local crypto business Satang.

Thailand’s second-largest bank, Kasikorn Bank, widely known as K-Bank, has acquired a 97% stake in the parent company of the established Satang crypto exchange.