The chief national competition regulator Competition Commission of India (CCI), on Tuesday, approved the acquisition of 100% of Wistron Infocomm Manufacturing’s equity share capital from SMS Infocomm and Wistron Hong Kong by Tata Electronics Private Limited.
In later October, Wistron Corp held a board meeting to grant approval for its subsidiaries, Infocomm and Wistron Hong Kong, in signing the share purchase agreement with Tata Electronics for the sale of its 100% indirect stake in Wistron Infocomm for a deal value of $125 million.
On confirmation and signature of the relevant agreements, the deal proceeded to obtain the necessary approvals, while SMS Infocomm also proposed to convert the debt of $130.26 million, extended by them to Wistron Infocomm, in the form of external commercial borrowing, into equity said the company.
Wistron Corp is a technology service provider based in Besides in Taiwan, with global logistical and distribution operational bases in Asia, Europe and North America, the company supplies innovative ICT (information and communications technology) products, service solutions, and systems to top branded companies worldwide.
Tata Electronics, headquartered in Mumbai, India, with a revenue of $150 billion between 2022 and 2023, is a greenfield venture of the Tata group and has expertise in manufacturing precision components.
A year ago, Tata Communications agreed to acquire Kaleyra, upon receipt of the approval by Kaleyra’s shareholders. Under the terms of the agreement, Tata Communications had paid an aggregate consideration of about $100 million in cash and assumed all of Kaleyra’s outstanding debt.
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