M&A: The art of the deal

The Tech Panda takes a look at recent mergers and acquisitions within various tech ecosystems and what that means for industry.

Energy: IndiGrid to acquire Gadag Transmission Limited from ReNew Power for ~INR 372 crore

IndiGrid [BSE: 540565 | NSE: INDIGRID], India’s first and largest publicly listed power-sector Infrastructure Investment Trust (InvIT), announced the execution of definitive agreements to acquire Gadag Transmission Limited (GTL), a Karnataka based Inter-State Transmission (ISTS) project, for an enterprise value (EV) of ~INR 372 crore, excluding any net working capital and cash adjustments. Additionally, there will be an earn-out related to Change-In-Law (CIL), availability, and bilateral billing related aspects to be paid to the sellers if and when the payment is received.

Harsh Shah, Managing Director of IndiGrid, said, “India’s energy transition demands a robust and future-ready transmission infrastructure. Gadag Transmission plays a pivotal role in evacuating renewable energy from one of the country’s largest solar zones and perfectly complements our strategy to own and operate critical grid assets. This acquisition further strengthens our portfolio in Karnataka and reinforces our commitment to delivering long-term value to our unitholders while supporting India’s renewable integration journey.”

Esports: S8UL Esports acquires Team Elite’s Free Fire MAX roster to form S8UL Elite

S8UL, a global powerhouse in gaming and esports content, has officially announced the acquisition of Team Elite’s Free Fire MAX roster, forming its new team – S8UL Elite. This reflects the organization’s continued commitment to achieving excellence through championship-winning teams across multiple esports titles.

Naman Mathur aka Mortal, Co-founder of S8UL Esports said, “We are delighted to onboard some of the most promising players from the Free Fire MAX scene. Each of them brings a unique skill set and a deep understanding of the game, making this roster an exciting addition to our esports family. S8UL’s commitment has always been to compete at the highest level across every game we enter, and S8UL Elite marks an important step in that direction. We look forward to seeing the team make its mark in the upcoming tournaments.”

Cybersecurity: Check Point Software Technologies Completes Acquisition of Lakera to Secure the World’s AI Transformation

Check Point Software Technologies has officially completed its acquisition of Lakera, the Zurich-based AI-native security pioneer. This marks a major step forward in redefining how enterprises secure the AI systems that are reshaping global business. By combining Check Point’s prevention-first cybersecurity architecture with Lakera’s AI-native security and adversarial testing expertise, the company is launching the world’s first end-to-end AI Security Platform, protecting the full AI lifecycle, from data infrastructure to model runtime and intelligent agent behavior.

This acquisition establishes the foundation for a new category: AI Transformation Security, where prevention-first defense meets AI-native guardrails, red-teaming intelligence, and model-centric threat detection. It also signals Check Point’s expansion into a fast-growing market that bridges cybersecurity, AI governance, and compliance, projected to exceed USD 60 billion by 2028 (Markets & Markets).

Enterprise Data: Workday Completes Acquisition of Sana

Workday, Inc. (NASDAQ: WDAY), the enterprise AI platform for managing people, money, and agents, today announced it has completed its acquisition of Sana, a leading AI company building the next generation of enterprise knowledge tools. The addition of Sana will make Workday the new front door for work – bringing a company’s most critical applications and insights into Workday’s platform, enabling employees to start and complete their day in Workday — without needing to switch contexts.

“By bringing Sana’s leading enterprise knowledge and learning to Workday, we’re creating a single, intelligent interface that connects the systems, data, and actions employees rely on — becoming the new front door for work,” said Gerrit Kazmier, president, product and technology, Workday. “We’re unlocking a new era of productivity, focus, and flow across our customers’ organizations with a complete AI solution for the next-generation enterprise.”

Circular Economy: Black Gold Recycling acquires a majority stake in Reteck Envirotech Pvt. Ltd.

Black Gold Recycling, a Hyderabad-based circular economy startup, has acquired a majority stake in Reteck Envirotech Pvt. Ltd., an Indian subsidiary of Hong Kong and US–based Li Tong Group, a global leader in reverse supply chain management and electronics lifecycle solutions.

Prabhu Ram, Founder & CEO of Black Gold Recycling, said, “Our mission is to make sustainability scalable — by design, not by chance. This acquisition brings together Reteck’s global operational expertise and our technology-led recovery platform to create a stronger, more responsible ecosystem for e-waste management in India.”

“The business of Black Gold is deeply aligned with the Critical Mineral Mission Plan of the Government of India, as we focus on recovering strategic materials from e-waste, batteries, and solar panels — ensuring that what leaves our hands re-enters the economy responsibly. We’re investing in advanced processes for lithium-ion battery, plastic, and solar panel recycling, turning India’s waste streams into sources of value, innovation, and circular growth.”