DECEMBERASIA BUSINESS OUTLOOK9Mitsubishi UFJ Financial Group will pay A$1.2 billion ($802.7 million) for Australian pension administration firm Link Administration, as Japan's largest banking group expands its fund administrator business. It is Mitsubishi UFJ's seventh acquisition in the fund administration industry in the last decade, following the 2015 acquisition of UBS Asset Management's alternative fund services business.Link said its shareholders will receive A$2.10 in cash, or A$1.11 billion in total, in addition to the company's dividend of A$0.16 per share, implying an enterprise value of A$2.1 billion.The purchase price represents a 23.5 percent premium over Friday's closing price.Mitsubishi UFJ, which owned 6.4 percent of the share registry firm as of Nov. 27, said in a statement that the acquisition "will enable MUFG to further accelerate its global business expansion via access to Australian funds and global corporate clients." According to a Japanese banking executive, Link will help the group expand into new markets such as Canada and the Netherlands, as well as improve the efficiency of its fund administration business by consolidating some operations.The share purchase, which is expected to begin in June 2024, is subject to shareholder approval as well as approval from court and regulatory authorities. NEWSROOMUFJ GROUP TO PAY $802M FOR AUSTRALIA'S PENSION ADMINISTRATION FIRMVegrow, an India-based business-to-business (B2B) fruits marketplace, announced it has raised $46 million in primary and secondary funding. The new funding round is led by GIC, Singapore's sovereign wealth fund, with significant participation from existing investor Prosus Ventures and continued support from Matrix Partners India, Elevation Capital, and Lightspeed, Vegrow said in a statement on Dec 13.According to the statement, the funds will be utilized to drive Vegrow's reach across India and fortify its global network. Avendus Capital was the exclusive financial advisor to Vegrow on this transaction."Vegrow is the fastest agri-tech company to build a national presence, having done this within three years of its inception,"Typically, it takes double the time to achieve this scale of operations," said Vegrow Co-founder Praneeth Kumar.According to him, the company's strategy marks a significant advancement in the efficiency and reliability of the fruit ecosystem. He said that over the past year, Vegrow has experienced a remarkable fivefold increase in revenue and achieved operational profitability. Meanwhile, Vegrow Co-founder Mrudhukar Batchu said that Vegrow distinguishes itself from conventional operations by creating an organizational ethos centered on agility and experimentation."Through the extensive utilization of data and technology, we provide valuable insights and optimize supply chain challenges, such as reducing perishable inventory wastage to only one-fourth of the industry average and consistently achieving industry-leading profit margins," he added. VEGROW RAISES $46 MILLION IN SECOND ROUND OF FUNDING
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