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.

Vertiv Completes Acquisition of PurgeRite, Expanding Leadership in Liquid Cooling Services

Vertiv Holdings Co (NYSE: VRT), a global provider of critical digital infrastructure, announced the successful completion of its previously reported intent to acquire Purge Rite Intermediate LLC (“PurgeRite”), a leading provider of mechanical flushing, purging and filtration services for data centers and other mission-critical facilities. The approximately $1.0 billion acquisition enhances Vertiv’s thermal management services capabilities and strengthens its position as a global leader in next-generation thermal chain services for liquid cooling systems.

“We are excited to officially welcome PurgeRite to Vertiv, expanding to deepen our fluid management services capabilities,” said Gio Albertazzi, CEO at Vertiv. “PurgeRite’s specialized expertise in fluid management services complements our existing portfolio and enhances our ability to provide end-to-end product and service support for customers’ high-density computing and AI applications where efficient thermal management is critical to performance and reliability.”

Anupam Rasayan signs definitive agreement to acquire US based Jayhawk Fine Chemicals Corporation

Anupam Rasayan India Ltd. (NSE: ANURAS, BSE: 543275), a custom synthesis manufacturer of specialty chemicals, today announced the signing of a definitive agreement to acquire 100% equity stake in Jayhawk Fine Chemicals Corporation (“Jayhawk”) (part of the CABB group), a U.S. based specialty chemical company, for a purchase consideration of ~$150 million. The purchase consideration accounts for payment against the equity value of Jayhawk and existing loans payable to the exiting shareholders. Considering ~$16 million of cash and cash-like items for Jayhawk as of June-25, the purchase consideration translates to an enterprise value of ~$134 million. Jayhawk clocked revenues and adjusted EBITDA of ~$78 million and ~$15 million respectively in CY24, translating to a EV to EBITDA multiple of ~9x.

Anand Desai, Managing Director, Anupam Rasayan India Ltd., said, “This acquisition is a transformative step in Anupam’s global journey. Jayhawk brings to us a legacy of innovation, deep customer relationships, and a strong technology platform in high-value chemistries. Together, we will leverage our complementary strengths to accelerate growth, enhance our global presence, and deliver greater value to customers across key sectors such as aviation, semiconductors and electronics. Now, with Jayhawk, we move forward in the value chain, closer to the end applications, manufacturing key N-1 molecules for these critical sectors. The addition of Jayhawk’s U.S. operations significantly strengthens our global footprint and positions us closer to strategic customers in developed markets.”

Tobias Schalow, CEO, CABB Group, said, “This transaction marks a strategic step for our company, and we have made this decision with the utmost confidence and trust in the new owner. We have developed a scalable growth platform in Pharma and Life Science specialties, which we will further develop and expand, and shift away from industrial applications, electronics and semiconductors with this transaction. We are certain that Anupam Rasayan is perfectly positioned for long-term growth with the Jayhawk team, and we wish them success as they embark on this new chapter. On behalf of the CABB Group, I would like to express my deepest gratitude to the dedicated and highly skilled team at Jayhawk. Their commitment over the past years has been a cornerstone of our success.”

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.”

Linda Li, Chief Strategy Officer, Li Tong Group, added, “Reteck India has been an integral part of Li Tong Group’s global network. We’re pleased to transition our Indian business to Black Gold Recycling, whose local expertise, leadership, and sustainability focus align perfectly with our global vision. We look forward to continued collaboration as Black Gold scales Reteck India to new levels of innovation and compliance.”

Zscaler Acquires AI Security Pioneer SPLX

Zscaler, Inc. (NASDAQ: ZS), the company in cloud security, announced it has acquired AI security pioneer SPLX, extending the Zscaler Zero Trust ExchangeTM platform with shift-left AI asset discovery, automated red teaming, and governance, so organizations can secure their AI investments from development through deployment.

“Today marks an important step in advancing Zscaler’s role as the trusted partner helping organizations securely adopt AI,” said Jay Chaudhry, CEO, Chairman, and Founder of Zscaler. “AI is creating enormous value, but its full potential can only be realized when it can be secured. By combining SPLX’s technology with the intelligence of the Zscaler Zero Trust Exchange and its native data protection that classifies, governs, and prevents loss of sensitive data across prompts, models, and outputs, Zscaler will secure the entire AI lifecycle on one platform. This will strengthen our industry leadership and give customers the confidence to safely embrace AI.”

“Zscaler and SPLX share a vision to confront the vast new attack surface created by rapidly expanding AI infrastructure investments,” said Kristian Kamber, CEO and co-founder of SPLX. “By joining forces, we’ll bring our innovation to one of the most trusted security platforms in the world, securing AI innovation at the speed organizations are adopting it.”

IndusInd International Holdings & Invesco complete formation of asset management joint venture in India

IndusInd International Holdings Limited (“IIHL”), the promoter of IndusInd Bank, and Invesco Ltd. (“Invesco”) completed the formation of their asset management joint venture (“JV”) following IIHL’s acquisition of a 60% ownership stake in Invesco Asset Management India (“IAMI”) following all regulatory approvals and closing conditions. With Invesco retaining the balance 40% stake, both IIHL and Invesco will hold joint sponsor status under the regulatory framework.

Ashok Hinduja, Chairman, IIHL, said, “At IIHL, we are very enthused with this JV with Invesco, to augment our para banking portfolio by including Asset Management, and be a global financial (BFSI) powerhouse by 2030.   This is the most opportune time, when India, on the back of rising income levels, favourable demographics, offers enormous investment prospects to all Indians, the diaspora included. We will endeavour to reach the last home, last investor transparently and efficiently and live up to investors’ expectation that mutual fund sahi hai”.

Andrew Lo, Chief Executive Officer, Asia Pacific at Invesco, said: “Our India business has seen solid growth in the last nine years. We now look forward to the partnership with IIHL to further expand our distribution capability in the domestic market.  As always, our focus will remain squarely on industry-leading investment offerings and service for our India clients with compelling global and domestic investment capabilities.”