L&T Infotech Acquires German Firm Nielsen+Partner For 28 Million Euros

Mumbai-based IT giant Larsen & Toubro Infotech on Thursday (14 February 2019) announced that through a subsidiary, it had acquired German company Nielsen+Partner for a price of 28 million euros, reports The Economic Times.

"The company, through its wholly-owned subsidiary, Larsen & Toubro lnfotech GmbH, Germany, has signed a definitive agreement to acquire Nielsen+Partner Unternehmensberater GmbH headquartered in Hamburg, Germany, along with its identified subsidiaries in Luxembourg, Switzerland, Thailand, Singapore and Australia and branch office in Belgium," Larsen & Toubro lnfotech stated in a regulatory filing.

Elaborating on the deal, Larsen & Toubro explained that the newly acquired firm is an independent specialist of Temenos WealthSuite and that this move is part of a plan going back to the acquisition of Syncordis in 2017.

The enterprise value that Larsen & Toubro would have to pay for to gain a 100 per cent stake in the firm would be 28 million euros in a cash-free and debt-free arrangement.

The entire process of the acquisition will be concluded once the customary closing conditions are met within the next six weeks.