The Adani group is acquiring the residual 51 per cent stake in Quintillion Business Media Pvt Ltd (QBML) which operates the business and financial news digital media platform, BQ Prime, for an undisclosed sum.

With this, the conglomerate will hold 100 per cent of the Raghav Bahl-curated media firm. The acquisition has been done through AMG Media Networks Ltd (AMNL), an arm of flagship Adani Enterprises Ltd (AEL).

AMNL was established by the conglomerate for its foray into the businesses of “publishing, advertising, broadcasting, distribution of content over different types of media networks”. In March this year, AMNL had acquired 49 per cent of QBML for Rs 48 crore. Earlier in May 2022, it had entered into a share purchase agreement (SPA) for the acquisition of this 49 per cent stake.

“The board of directors of AMNL at its meeting held today i.e. August, 14 2023 has approved to enter into binding Memorandum of Undertaking (MoU) with Quintillion Media Limited (QML) for the acquisition of remaining 51 per cent stake in QBML. Post acquisition of 51 per cent stake, QBML will become a wholly-owned subsidiary of AMNL,’’ Adani Enterprises said in a regulatory filing late in the evening on Monday. It did not disclose the financial details of the transaction.

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 MoU records the terms of agreement and inter-se rights and obligations and other connected matters in respect of the acquisition of remaining 51 per cent equity shares of QBML by AMNL from QML,” Adani Enterprises said.