Sector wise, among mergers and acquisitions, Raja Lahiri believes hospitality tops the chart as there were two big deals including Aman Resorts buying Silverlink Holdings and Thomas Cook buying Sterling Holidays in February.
We are seeing good amount of interest in the e-commerce sector. eBay bought Snapdeal along with other private equity sectors
Raja Lahiri
Partner
Grant Thornton
Despite USD 4.2 billion deals in just January and February, the sentiment and momentum remains sluggish at this point in time, says Raja Lahiri, Grant Thornton in an interview to CNBC-TV18's Elan Dutta.
Sector wise, among mergers and acquisitions, Lahiri believes hospitality tops the chart as there were two big deals including Aman Resorts buying Silverlink Holdings and Thomas Cook buying Sterling Holidays .
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Below are excerpts from the interview:
Q: Your report suggests that even though the overall deal value is actually lower, M&A deal volume has managed to remain steady?
A: The deal volumes are fine but again if you see the underlying sentiment and the momentum, it is still moderated. However, if you look at the month of February we still had USD 2.6 billion of deals. If you look in the first two months, we had USD 4.2 billion which is not a bad number but again important point is that the sentiment and the momentum still remains sluggish at this point of time.
Q: What caught your attention for the month of February, sector wise?
A: Sector wise from an M&A perspective we saw hospitality as a key sector. We saw Aman Resorts buying out Silverlink Holdings which is basically a clutch of resorts that DLF had bought which they have kind of sold off to Aman Resorts; USD 300 plus million transaction. The second was Thomas Cook buying out Sterling Holidays.
From a private equity perspective the good news is we see some interest in the infrastructure side. We saw Canadian Pension Investment Board putting in a good sum of money in Larsen and Toubro infrastructure and IDFC and Temasek parking their money in GMR Infrastructure . It was a transaction where they swap their stake in GMR Energy into GMR Infra and so, these are the top deals.
Thirdly, we are seeing good amount of interest in the e-commerce sector. eBay bought Snapdeal along with other private equity sectors. Fourthly, from a telecom perspective we saw Bharti Airtel buying Loop Mobile which again is an emerging trend of consolidation in the Indian telecom sector.
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