M&A

M&A

Sterlite Tech to acquire UK-based network integration co Clearcomm for $21-M

Press Release  

Pune-based, publicly-listed Sterlite Tech Ltd (STL) is to acquire Nottingham (UK)-based network integration company Clearcomm Group Ltd at an enterprise value of GBP 15.5 million (approx USD 21.33 million). Clearcomm is privately held and provides end-to-end network integration solutions and capabilities in the UK. It has been generating profitable growth with revenues in the range of GBP 20 million and growth rates of over 25% over the past three years. The transaction is structured for 100% acquisition of the share capital in two tranches. Tranche 1 entails the acquisition of an 80% stake which will happen immediately at an enterprise value of GBP 15.5 million. The balance 20% shareholding will be acquired in 2023, at the Enterprise Value of the company in FY22.