M&A

M&A

SAR Televenture acquires 20% more in broadband services provider Tikona for Rs.150-Cr

NSE Announcement   Economic Times  

Noida-based telecom infrastructure platform SAR Televenture has signed a deal with L&T Finance to acquire an additional 19.93% stake in Mumbai-based broadband services provider Tikona Infinet Pvt Ltd for INR 149.50 crore.Under the agreement, INR 30 crore will be paid upfront, and the rest will be settled through a share swap at the same price offered under an earlier agreement signed with Tikona’s majority shareholders.In August, SAR Televenture had acquired a majority stake in Tikona through a share swap deal worth INR 578 crore, giving SAR Tikona’s nationwide Unified Licence (ISP, Category-A) and National Long Distance (NLD) Licence.Founded in 2008, Tikona Infinet provides enterprise data, ultra-high-speed internet connectivity and cloud-enabled IT infrastructure services with a focus on large corporates and SME enterprises.