2 days ago
Axiscades to Acquire Majority Stake in Bengaluru Aerospace Manufacturer
AXISCADES Technologies plans to buy most of another company called Cloud Wave Technologies.
Cloud Wave is based in Bengaluru and makes products using precision manufacturing.
AXISCADES will buy 90% of the company for Rs 234 crore in cash.
The deal values the business at Rs 260 crore in total.
AXISCADES may buy the remaining 10% later.
The transaction is expected to finish by September 30.
The company wants to grow its aerospace, defence and electronics manufacturing work.
Cloud Wave’s founder said the deal would provide more scale, customers and long-term funding.
Investors reacted positively, and AXISCADES shares rose more than 2% during Monday’s trading.
AXISCADES Technologies approved the acquisition of a 90% stake in Bengaluru-based Cloud Wave Technologies Private at an enterprise value of Rs 260 crore.
The majority stake will be purchased for Rs 234 crore in cash, while the remaining 10% may be acquired later after account finalization and adjustments.
The transaction is expected to be completed by September 30.
AXISCADES said the deal will expand its aerospace manufacturing platform and precision-manufacturing capabilities.
AXISCADES shares rose more than 2% in Monday’s intraday trading, after gaining about 4% in one month and 19% in six months.
- Who
- AXISCADES Technologies and Cloud Wave Technologies Private.
- What
- AXISCADES approved the acquisition of a 90% stake in Cloud Wave at an enterprise value of Rs 260 crore.
- Where
- Cloud Wave is based in Bengaluru, and AXISCADES is developing an advanced manufacturing centre at Devanahalli Aerospace Park in Bengaluru.
- When
- The transaction is expected to be completed by September 30; the share-price move occurred during Monday’s intraday trading.
- Why
- AXISCADES aims to expand aerospace manufacturing, increase precision-manufacturing capacity and support its broader Power 930 growth plan.
Key facts
- Acquirer
- AXISCADES Technologies
- Target
- Cloud Wave Technologies Private
- Stake acquired
- 90%
- Enterprise value
- Rs 260 crore
- Cash consideration
- Rs 234 crore
- Expected completion
- By September 30
- Share reaction
- More than 2% rise in Monday’s intraday trading
Quotes
KP Mohanakrishnan
Deputy CEO and President – Aerospace at AXISCADES Technologies
“This platform will continue to expand & grow its existing customers and in parallel meet our own internal metallic manufacturing needs across Defence and Electronics, and positions us to bid for domestic programmes with ADA, HAL, DRDO and others.”
financialexpress.com
“Joining the AXISCADES Group marks an important milestone in Cloud Wave’s growth journey. It provides us with greater scale, access to a broader customer base, and the long-term capital required to accelerate our ambitions.”
financialexpress.com
Sources
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