Tech Mahindra acquires UK's BIO Agency in all-cash deal

June 22, 2016 10:53

Tech Mahindra today said it has acquired UK-based BIO Agency in an all-cash deal for an enterprise value of up to 45 million pounds, a move that will augment the Indian IT firm's digital services portfolio.

"The consideration is the enterprise value of 40 million pounds plus surplus cash not exceeding 5 million pounds as at the completion date. The payment of 22 million pounds and the surplus cash will be made upfront and the balance as deferred payments based on company performance," Tech Mahindra said in a statement.

The consideration would be cash and Tech Mahindra will acquire 100 per cent of shares in BIO, it added.

Tech Mahindra said the transaction is expected to close in the first week of July 2016.

"The acquisition brings forth a synergy that will open up more clients for BIO globally (especially in Europe and the US), scaling their offering geographically and enabling new services and deeper Digital Change," it said.

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