Bank of America has named UBS investment banker Richard Hardegree as its new vice chair for mergers and acquisitions, according to an internal memo Reuters reviewed. Hardegree, who has more than 30 years of M&A experience and previously led technology investment banking at UBS, will join the bank in August and be based in Palo Alto. He will focus on semiconductors and report to Bank of America’s co-heads of global M&A, signaling a push to expand tech deal market share. The memo also cites booming deal momentum into 2026.
Indian law firms are handling thousands of mergers and acquisitions worth $130 billion, covering activity from private equity and venture capital to overseas takeovers. Lawyers expect strong momentum through this fiscal year and the next as companies use M&A not just for growth, but to rearchitect businesses and acquire capabilities—fueling demand for strategic cross-border legal counsel.
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Tech Mahindra plans to acquire an 85% stake in Canadian wealth management firm Avant Techno Solutions for CAD 28 million. The move is designed to strengthen its BFSI capabilities, with a focus on payments modernization and wealth platform services. The acquisition is expected to close by July 31, supporting financial institutions as they push through digital transformation.
Federal Bank plans to acquire about 4.5 lakh credit cards from Standard Chartered Bank in India, strengthening its card base in major top cities. The acquisition is designed to deepen its reach among urban, financially active customers. The bank expects the transaction to be completed by the end of 2026, expanding its footprint in the credit card market.
Indranil Ghosh has quit Cerberus Capital to join Apollo Global, according to reports. Cerberus, which manages a $1-billion-plus India loan book, is a major financier of bonds from Shapoorji Pallonji group firms backed by Tata Sons shares, with roughly $700–800 million in exposure. Despite the leadership change, Cerberus’s India team reportedly hasn’t seen broader staff movement.
AI firms are increasingly buying startups to quickly assemble “full-stack” capabilities as enterprises ramp up large-scale AI deployments. The push is less about headcount and more about securing complementary product features and valuable intellectual property. With the market changing rapidly, consolidation is emerging as the fastest route to cover gaps and win enterprise-ready AI systems.
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JSW Infra’s INR1,200-crore acquisition of three promoter firms has drawn scrutiny as the company claims it gains quicker access to railway permits and rakes under schemes that are currently under a moratorium. Analysts, however, argue the listed entity could have built the same capacity independently, potentially avoiding costs of more than INR500 crore.
Accenture is accelerating AI-focused acquisitions, signaling a shift for large firms that once stayed on the M&A sidelines. For Indian IT, deals in the AI era could expand market share, but they may also strain return on invested capital. The question now is whether Indian IT is willing to pay that ROIC trade-off and integrate faster than competitors.
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