IT giant Tech Mahindra on Monday announced the acquisition of 100% stake in Europe-based Com tec Co IT (CTC) for 310 million euros (approximately ₹2,628 crore), a deal which includes earnouts and synergy-linked payouts.
In addition, the IT company has also announced the acquisition of 25% stake in two IT platforms – SWFT and Surance – for 20 million euros. SWFT and Surance are part of the same founding group as CTC.
“The company through its wholly-owned subsidiary viz, Tech Mahindra London Limited approved the proposal to acquire 100% equity shares in Com Tec Co IT Ltd and 25% equity shares each in SWFT Technologies Ltd and Surance Ltd,” the firm said in a regulatory filing.
Tech Mahindra said the acquisitions will strengthen its digital engineering and insurance technology businesses. The acquisition of CTC is the second-largest acquisition that the firm has made after scam-hit Satyam in April 2010.
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