Bengaluru-based Gokaldas Exports Ltd. (GEL), through its wholly owned subsidiaries, has entered into an agreement to acquire Dubai-based Atraco Group (Atraco), an apparel manufacturer with market presence across the U.S. and Europe.
The equity value of the transaction is $55 million and the same would be funded by a mix of debt and internal accruals. The transaction would comprise acquisition of shares and assets and be subject to customary regulatory approvals. The transaction is expected to be closed by Q3 FY24 (Oct.-Dec. 23), according to Gokaldas Exports.
