Sterlite Tech to procureUK-based network integration firm Clearcomm Group
Recently, one of the leading Broadband Technology Company Sterlite Technologies, said it will acquire Clearcomm Group, a leading Network Integration company in the UK, to further globalize its system integration business at an enterprise valuation of around INR 160 crore.
Sterlite Tech will attain 100 percent of the segment capital of Clearcomm Group in two tranches, said the company
"We will be paying around IND 125 crore for acquiring 80 percent stake (in Clearcomm Group in the first tranche), The company will acquire 80 percent stake in Clearcomm Group in the first tranche at an enterprise valuation of around INR 158 crore and rest of the 20 percent in 2023.” STL Group chief financial officer Mihir Modi told PTI.
Sterlite Technologies (STL) group CEO Anand Agarwal said. "With the addition of Clearcomm's network integration expertise to STL's Optical Connectivity and Data Centre integration capabilities, we are uniquely positioned to help our customers deliver the most advanced, deep-fiberized digital networks, The acquisition will enhance the presence of STL Network Integration solutions across the UK and Europe.”
Regulatory filing, states, "Clearcomm has long-standing relationships with marquee customers in the UK, with over a decade of experience. It has been generating profitable growth with revenues in the range of INR 200 crore (GBP 20 million) and growth rates of over 25 percent over the past 3 years,”