Software services provider Tech Mahindra, on Monday, announced the acquisition of 51 per cent stake in mobile value added services providers Comviva, in which the Bharti Group had a major stake, for Rs.260 crore.
Post-acquisition, subject to regulatory approval, the new entity would be called Mahindra Comviva. Tech Mahindra said the Bharti Group was a majority shareholder in Gurgaon-based Comviva.
The current promoters would continue to hold 20 per cent stake on fully-diluted basis post the deal closure, the company said.
“This acquisition is a significant step forward, in our vision of being a complete and comprehensive partner to our clients and we are confident of making this a successful venture for our stakeholders,” Tech Mahindra Executive Vice Chairman Vineet Nayyar told reporters here.
As a part of the deal, Tech Mahindra will make an upfront payment of Rs.125 crore, while the balance will be paid out over five years.