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Sterlite Technologies gains nearly 4% on acquisition of UK-based firm

It is an all cash deal financed by a combination of internal accruals and foreign currency debt instruments.

September 26, 2019 / 10:11 AM IST
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Shares of Sterlite Technologies (STL) rose 4 percent in early trade on September 26 after the company acquired UK-based Impact Data Solutions Group for an enterprise value of around Rs 105.55 crore.

The company's wholly-owned subsidiary Sterlite Global Venture (Mauritius) entered into definitive agreements to acquire a 100 percent stake in Impact Data Solutions Group and its affiliate, together represented as IDS Group, as per the company's release.

The transaction is structured to acquire 100 percent, out of this 80 percent has been acquired, and the remaining 20 percent will be acquired based on an earn‐out model, over the next few years, it added.

It is an all-cash deal financed by a combination of internal accruals and foreign currency debt instruments at an Enterprise Value of approximately £12 million (Rs 105.55 crore), it further added.

At 0926 hrs, Sterlite Technologies was quoting at Rs 161.90, up Rs 5.80, or 3.72 percent on the BSE.

Moneycontrol News
first published: Sep 26, 2019 10:09 am

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