The top IT Company Tech Mahindra Limited will acquire Japan-based mobile network solution company K-Vision for USD1.5 million in an all-cash deal to support 4G & 5G telecom network roll out in Japan.
In a release, Tech Mahindra Limited said – The investment committee of the board of directors (BoD) of TechMahindra has approved the proposal to acquire 100% share-holding in K-Vision Company Limited through its wholly owned subsidiary viz Mahindra Engineering Services (Europe) Limited. The deal between Tech Mahindra Ltd and K-Vision Co was inked on Thursday and is expected to close by end of March.
Shares of Tech Mahindra reacted positively with this development. During Friday Mid-noon hours of trade, shares of Tech Mahindra were trading higher by 1.35% (up Rs.10.65) at Rs.799.10 per share after the company approval for the acquisition of K-Vision.
In comparison, Nifty hit a high at 11421.75 up by 78points and Sensex at 38004-mark up 249-points at 12.30pm.