Billionaire Gautam Adani’s group has acquired the remaining 51% stake in Quintillion Business Media Pvt Ltd to take full control of the Raghav Bahl-curated digital business news platform for an undisclosed amount. Adani Enterprises Ltd, the ports-to-energy conglomerate’s flagship firm, in a stock exchange filing, said its subsidiary AMG Media Networks Ltd “has executed a share purchase agreement for the acquisition of remaining 51% stake in QBML”, the firm which operates the business and financial news digital media platform BQ Prime. AMG Media had previously bought a 49% stake in Quintillion Business Media Ltd (QBML) for Rs 47.84 crore.
BQ Prime was earlier known as Bloomberg Quint, a former joint venture between US-based financial news agency Bloomberg Media and Bahl’s Quintillion Media. Bloomberg exited that agreement in March last year.
“The SPA records the terms of the agreement and inter-se rights and obligations and other connected matters in respect of the acquisition of remaining 51% equity shares of QBML by AMNL from Quintillion Media Ltd (QML),” Adani said.