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

Swarajya StaffSaturday, February 16, 2019 1:47 pm IST
Representative image of two individuals shaking hands (Pic by Lucas via Wikimedia Commons)
Representative image of two individuals shaking hands (Pic by Lucas via Wikimedia Commons)
Representative image of two individuals shaking hands (Pic by Lucas via Wikimedia Commons)

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.

Tags
Germany
Acquisition
larsen & toubro Infotech
IT company

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