The Kautilya Newsletter

Sun Pharma is paying $11.75B for Organon, a Merck spin-off, in India's largest-ever overseas pharma acquisition. Only $3.68B is equity; the rest is assumed debt, financed by an 11-bank syndicate that includes an Indian state bank for the first time. Kautilya's deal-structure teardown of the price, the premium, and the financing.

ChrysCapital paid ₹1,445.89 Cr for 70.68% of Novartis India, its first pharma buyout in 27 years. The mandatory open offer was priced at ₹860.64 — only 40 shares were tendered. Kautilya's teardown of the deal structure, the two-tier pricing, and what it means for MNC exits in India.

Coforge acquired Silicon Valley's Encora at a $2.35B enterprise value and paid for it entirely in new shares, no cash. Advent International and Warburg Pincus walked away with 21.8% of Coforge and two board seats instead of a $1.89B check. Here's how the preferential allotment worked, why the sellers wanted stock, and what it signals about Indian IT M&A.

JSW Paints bought Akzo Nobel India (Dulux) for up to ₹12,915 Cr and became India's No. 4 paints player overnight. Full breakdown of the deal structure, valuation, and buy-vs-build lessons.

Lockheed Martin paid $3.45B for Ultra Maritime, an undersea-warfare business Advent International bought in 2022 and grew from $494M to an estimated $784M in revenue. Here's the deal, the multiple, and what it means for buy-side value creation.

REA Group didn't sell Housing.com for cash — it swapped operating control for a 24.9% stake in Aurum PropTech. Kautilya's deal-structure teardown of India's biggest proptech consolidation move of 2026.

KKR turned a Rs. 3,100 Cr pharma acquisition into a Rs. 25,689 Cr exit in five years. Here is what the 24.8x EBITDA Torrent-JB Chemicals deal means for founder-owned pharma businesses in India — and how to close the valuation gap before you engage a bank.