India's Teja Industries acquires AIP's subsidiary Morikop for a valuation of $1.5 billion

Teja Industries Limited has agreed to acquire a controlling stake in Omaha-based mining equipment manufacturer Morikop at an enterprise valuation of $1.5 billion. This transaction marks the largest acquisition by an Indian company in the U.S. in three years. The Kolkata-based manufacturer, which specializes in mining and mineral processing equipment, stated in a declaration submitted to the exchange on Wednesday that it will form a consortium with funds managed by Apollo Global Management to jointly acquire this company, which is affiliated with American Industrial Partners. Upon completion of the transaction, Teja Industries will become the controlling shareholder of Morikop, holding 77% of the shares, with the remaining shares held by Apollo. Following the announcement of this transaction, Teja Industries' stock price fell by as much as 4% on Thursday on the Bombay Stock Exchange, marking the largest single-day decline in about a month. The scale of this acquisition is nearly equivalent to the company's own market capitalization, and Teja Industries disclosed this transaction after the stock market closed