Cyient Ltd's subsidiary to acquire 100% in Australia based IG Partners

Cyient Ltd has signed a definitive agreement to acquire the 100% stake in Integrated Global Partners Pty Limited (IG), an Australia based technology consultancy company. Based in Australia and founded in 2012, IG Partners is a technology consultancy, which specializes in enabling organizations deliver on their strategy through removing organizational impediment or embedding effective ways of working. IG Partners has presence in Australia, South Africa, Singapore and Chile.

The Enterprise value shall be payable as follows:

- Upfront AUD 11.6 Million on a cash free and debt free basis
- Earn outs based on future performance

The time required for completion of the acquisition may range upto 6 months depending on when the Foreign Investment Review Board (FIRB) approval is granted.

The rationale for acquisition are gaining access to decision makers with global mining majors, acceleration in Cyient's mining strategy and positioning Cyient as a digital transformation leader in the market.

Shares of Cyient Limited was last trading in BSE at Rs.400.8 as compared to the previous close of Rs. 395.45. The total number of shares traded during the day was 54651 in over 1980 trades.

The stock hit an intraday high of Rs. 408.7 and intraday low of 394.3. The net turnover during the day was Rs. 21967547.

Source : Equity Bulls

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