Tech Mahindra has acquired a European entity for 310 million euros
New Delhi:
IT company Tech Mahindra on Monday announced the purchase of 100 per cent stake in Europe’s comtech company IT (CTC) and 25 per cent stake in two IT platforms for a total of 330 million euros (about Rs 2,800 crore).
The company said the acquisition will strengthen its digital engineering and insurance technology businesses. The acquisition of CTC is the company’s second biggest acquisition after scam-hit Satyam in April 2010.
Tech Mahindra said it has acquired com tech company IT (CTC) for 310 million euros (approximately Rs 2,628 crore), which includes earnings and synergies-linked payments.
Tech Mahindra is investing another 20 million euros to acquire 25 percent ownership in SWFT and Surens Platforms — which are part of the same founding group as CTC.
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