1 day ago
ITC Infotech to Acquire 22.1% Happiest Minds Stake
ITC Infotech wants to buy part of a company called Happiest Minds.
The share being bought is 22.1% of Happiest Minds.
The sellers are founder Ashok Soota and a research organization linked to him.
The purchase is expected to cost about ₹1,330 crore.
After buying the stake, ITC Infotech plans to merge Happiest Minds into its own business.
The plan cannot happen until regulators approve it.
CNBC-TV18 had earlier reported that the companies were discussing the deal.
The timing of the final transaction was not stated.
ITC Infotech plans to acquire a 22.1% stake in Happiest Minds.
The stake will be bought from founder Ashok Soota and Ashok Soota Medical Research LLP.
The transaction is valued at approximately ₹1,330 crore.
ITC Infotech plans to merge Happiest Minds into itself after the acquisition.
The deal requires regulatory approvals, and CNBC-TV18 first reported the talks on July 13.
- Who
- ITC Infotech, Happiest Minds, founder Ashok Soota, and Ashok Soota Medical Research LLP.
- What
- ITC Infotech plans to acquire a 22.1% Happiest Minds stake for around ₹1,330 crore and then merge the company into itself.
- Where
- When
- The talks were first reported by CNBC-TV18 on July 13; no completion date was stated.
- Why
- ITC Infotech plans to merge Happiest Minds into itself after acquiring the stake, subject to regulatory approvals.
Key facts
- Acquirer
- ITC Infotech
- Target company
- Happiest Minds
- Stake
- 22.1%
- Transaction value
- Approximately ₹1,330 crore
- Sellers
- Ashok Soota and Ashok Soota Medical Research LLP
- Planned next step
- Merge Happiest Minds into ITC Infotech
- Condition
- Subject to regulatory approvals
Sources
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