AMG Media Networks, part of Adani Enterprises, has signed an agreement to acquire a 49% stake in digital business news platform, Quintillion.
The purchase amount has not been disclosed by the company.
As part of this contract, AMG Media has entered into a Shareholders’ Agreement (SHA) with Quintillion Media (QML) and Quintillion Business Media (QBML).
It has also signed a Share Purchase Agreement (SPA) with QML, QBML and Quintillion Digital Media (QDML).
Part of the terms also include AMG’s right to appoint directors, share subscription in case of issuance of shares, and the right to restrict any change in the capital structure, among others.
On 1 March 2022, Adani Enterprises announced its foray into the media business, by acquiring an unspecified minority stake in QBML. It has also signed a memorandum of understanding with Quint regarding the same.