October 2010
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Shapoorji Pallonji group buys 11% in Nexxoft unit

The Shapoorji Pallonji Group has picked up 11 percent stake in a unit Nexxoft Infotel Ltd , a top official of the domestic software services firm told Reuters. “Shapoorji has picked up a stake in one of our units,” Rakesh Joshi, chief financial officer of Nexxoft Infotel, told Reuters. “The proposal is still with the board.” The financial terms of the transaction were not immediately available. “The investments are in our gaming subsidiary and the funds will be used for developing new gaming platforms,” he added. […]

Opto Circuits to buy US cardiology device maker

Healthcare equipment maker Opto Circuits (India) Ltd on Tuesday agreed to acquire US-based cardiology device maker Cardiac Science Corp. for $2.3 ('102.35) a share, gaining entry into the automated external defibrillation market. This is the largest of Opto Circuits' nine acquisitions since 2001. Cardiac Science had 23.82 million shares outstanding as on Monday, valuing the buyout at $54.8 million, according to Reuters data. A spokesperson for Opto Circuits put the total cost of acquisition, including employee severance payout and cost of debt, at $80-85 million. Cardiac Science expects to earn $145-150 million in revenue in 2010, according to Reuters. “This transaction…will greatly enhance product offering and presence in the US,” Vinod Ramnani, Opto Circuits' chairman and managing director, said in a statement. […]