Tech Mahindra Acquires European Entity For Euro 310 Million

Tech Mahindra has acquired a European entity for Euro 310 Million

New Delhi: IT firm Tech Mahindra on Monday introduced acquisition of 100 per cent stake in Europe-based Com tec Co IT (CTC) and 25 per cent stake in two IT platforms for a complete of Euro 330 million (about Rs 2,800 crore).The firm mentioned the acquisitions will strengthen its digital engineering and insurance coverage expertise companies. The acquisition of CTC is the second-largest acquisition that the corporate has made after scam-hit Satyam in April 2010.Tech Mahindra mentioned that it has acquired Com Tec Co IT (CTC) for 310 million euros (round Rs 2,628 crore), together with earnouts and synergy linked payouts.Tech Mahindra can also be investing one other 20 million euros in buying 25 per cent possession in SWFT and Surance platform-- that are a part of the identical founding group as CTC.

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