India’s ITC said on Monday its IT arm will acquire a 22.1% stake in Happiest Minds Technologies for about Rs 13.3 billion ($139.76 million) in cash, as part of a merger with the IT services provider.
The deal, which will take three to eight months to complete, comes as mid-sized Indian IT firms race to bulk up their capabilities through big-ticket buyouts amid AI-related disruptions.
The combined entity will have a workforce of over 19,000 employees, ITC said in an exchange filing. Shares of ITC Infotech are set to list on the BSE and the National Stock Exchange after the deal.
Coforge acquired engineering company Encora in a $2.3 billion deal last year and Persistent Systems’ plans to acquire Germany-based Nagarro for $1.1 billion.
Reuters
