M&A

M&A

Reliance Entertainment's CEO looks to buy Anil Ambani Film co via US SPAC

Economic Times  

Shibasish Sarkar, the group chief executive of Reliance Entertainment Pvt Ltd, is in talks with Anil Ambani to buy the private movie studio and content distribution company owned by the industrialist and his family, as a management buyout (MBO). Sarkar plans to use funds from his special purpose acquisition company (SPAC), International Media Acquisition Corp (IMAC), for this transaction, which could value Reliance Entertainment at INR 800-1,000 crore. Talks on to sign a non-binding agreement by the end of this calendar year and, by March, conclude the transaction. Sarkar had filed for a USD 230 million (INR 1,715 crore) initial public offering in the US with a Nasdaq listing. The US Securities and Exchange Commission has approved his proposal.