Business

Coforge to acquire controlling-stake in SLK Global for ₹918 cr.

Coforge Ltd., an IT solutions organisation, has signed definitive agreements to acquire a controlling interest in SLK Global Solutions Private Ltd., that offers BPM and digital solutions to the financial services industry for ₹918 crore.

SLK Global has domain expertise in the banking and insurance segments in North America. It has marquee clients including with Fifth Third Bank which is also a significant minority shareholder.

Coforge shall initially acquire 60% stake in SLK Global, with SLK Global’s founders completely exiting. Fifth Third Bank’s stake in the company will be reduced to 40%. After two years Coforge will acquire an additional 20% stake from Fifth Third Bank.

As part of the transaction, Fifth Third Bank has committed to remaining a significant customer of SLK Global and has also committed a base volume over five years starting FY’22.

“The transaction is being funded by Coforge with a combination of internal accruals and external borrowings,” the company said.

This article is closed for comments.
Please Email the Editor

Printable version | May 13, 2021 6:22:44 AM | https://www.thehindu.com/business/coforge-to-acquire-controlling-stake-in-slk-global-for-918-cr/article34305572.ece

Next Story