India-focused miner Vedanta Resources is reportedly close to buying a 51-percent stake in oil producer Cairn India for $8 billion to $8.5 billion, a source familiar with the matter told Reuters. While neither Cairn Energy nor Vedanta would comment, the source said the deal is expected to be announced on Monday.
Cairn India was boosted by a huge oil find in Rajasthan that turned the company into a major oil producer and, according to Reuters, the deal “would be the diversified miner’s (Vedanta) first move into oil and gas.” Read the Reuters factbox on Cairn India here.
Google has been on a spending spree lately and folks are wondering who it will buy next? After paying $182 million for Facebook-app maker Slide earlier this month and reportedly making a buyout offer to Jambool, CEO Eric Schmidt recently told Bloomberg he has doubled the pace of acquisitions after some of Google’s internal projects failed.
PE Hub replayed a nice interview with David Lawee, Google’s VP of corporate development, on what the search giant looks for in acquiring companies.
IBM announced it will buy software company Unica Corp for about $480 million in cash, reported Reuters. IBM will pay around $21 per Unica share, which sent Unica’s share price soaring 117 to as high as $20.78 in morning trading on the Nasdaq.