Anil Agarwal-promoted Vedanta on Thursday said it will sell Zinc International assets to Hindustan Zinc for a cash consideration of $2.9 billion.

Vedanta’s board approved the sale of Zinc International assets held by THL Zinc Ventures Ltd (Mauritius) (THLZV), a direct wholly owned subsidiary of the metals and mining major.

The assets held by THLZV through THL Zinc Ltd (Mauritius) comprising shares held in Black Mountain Mining Pty Ltd, South Africa (69.6 per cent), and THL Zinc Namibia Holdings (Pty) Ltd (100 per cent), Namibia, will be sold to the proposed wholly-owned subsidiary of Hind Zinc (HZL) for a cash consideration not exceeding $2.9 billion. Vedanta holds 64.92 per cent of the equity share capital of HZL.

The proposed transaction will be subject to receipt of necessary regulatory approvals. The transaction is likely to be completed in a phased manner over a period of 18 months.

The proposed transaction will unlock value, monetise the zinc assets, and create substantial synergies for THLZ and HZL, the country’s integrated producer of zinc, lead and silver.

Sun Pharma deal

Sun Pharmaceutical Industries on Thursday said it has inked a pact to acquire USbased Concert Pharmaceuticals in a $576 million (around Rs 4,688 crore) deal.

The companies have executed a definitive agreement under which Sun Pharma will acquire all outstanding shares of Concert through a tender offer for an upfront payment of $8 per share of common stock in cash, or $576 million in equity value.

The upfront payment of $8 per share of common stock in cash represents a premium of around 33 per cent to Concert’s 30-day volume weighted average price as of January 18, 2023, the last trading day prior to Thursday’s announcement.