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Tech Mahindra Ltd, India’s sixth-largest software exporter, acquired a 51% stake in Bharti Enterprises-controlled value-added services (VAS) provider, Comviva Technologies Ltd, for Rs260 crore ($48.3 million), the companies announced on Monday.
The deal has a two-tier structure with Tech Mahindra making an upfront payment of Rs125crore for the stake and the remaining Rs135crore being be paid out over a five-year-period based on the company achieving mutually agreed performance targets.
The acquisition will shore up Tech Mahindra’s offerings in the mobility space as telecom revenue gets increasingly inclined toward data instead of voice.
Read Complete Article : Tech Mahindra acquires 51% stake in Comviva for Rs260 crore - Livemint