M&A

M&A

L&T to merge Mindtree with group IT Services firm L&T InfoTech

BSE Announcements   BSE Announcements  

Larsen & Toubro Limited (L&T), which owns a controlling stake in Bangalore-based Mindtree, is to merge the latter with its group IT Services firm L&T Infotech (LTI). Both Mindtree and LTI are publicly listed. The shareholders of Mindtree will be issued shares of LTI at the ratio of 73 shares of LTI for every 100 shares of Mindtree. The new shares of LTI so issued will be traded on the NSE and BSE. L&T will hold 68.73% of the combined entity, which is proposed to be named “LTIMindtree”. KPMG acted as financial advisor and JSA acted as legal advisors to Mindtree. Goldman Sachs provided fairness opinion to Mindtree on the valuation done by Ernst & Young (who were appointed as valuers by Mindtree). Citigroup Global Markets acted as financial advisors and Cyril Amarchand Mangaldas acted as the legal advisors to LTI. Kroll Advisory provided fairness opinion to LTI on the valuation done by GT Valuation Advisors, the valuer for the proposed transaction. In 2019, L&T had bought a controlling stake in Mindtree in what was billed as India's first major hostile takeover.