Other Private Equity/Strategic Investments
L&T to acquire 21% stake in cloud services provider E2E Networks for Rs.1,407-Cr
Larsen & Toubro Ltd (L&T) will acquire a 21% stake in fellow publicly listed E2E Networks Ltd , a Delhi-based cloud services company, for about INR 1,407 crore. As part of the deal, L&T will gain the right to nominate two directors on E2E Networks’ board and will enter into software licence, reseller, and co-location agreements with the company. L&T will remain a minority shareholder with certain protective rights.The acquisition involves a 15% stake through preferential allotment for INR 1,079.27 crore at INR 3,622.25 per share, and an additional 6% stake via secondary acquisition from the founder, Tarun Dua, for INR 327.75 crore at INR 2,750 per share.E2E Networks, founded in 2009 and listed on NSE in 2018, specialises in GPU-based cloud computing platforms and claims to serve over 3,000 active clients across 10 countries.
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