Tech Mahindra to acquire Czech-based firm Inter-Informatics for Rs 80 mn

File photo

IT company Tech Mahindra on Wednesday said it will acquire Czech Republic-based engineering services firm Inter-Informatics for around Rs 80 million through a wholly-owned subsidiary.

"The investment committee of the board of directors of the company has approved the proposal to acquire 100 per cent shareholding on a fully diluted basis in Inter-Informatics spol.s.r.o.," Tech Mahindra said in a regulatory filing.

Inter-Informatics had posted a revenue of $10.7 million in 2017. It has presence in Czech Republic and Romania.

The investment to acquire the firm will be done by Tech Mahindra's subsidiary Mahindra Engineering Services (Europe) Limited.

"The enterprise value of the deal is Euro 5.4 million (about Rs 80 million). The deal will bolster company's presence in the cabin engineering space and also provide a highly skilled engineering team focussed on the Aerospace vertical," the filing said.

The deal was signed on Wednesday and is expected to be closed by September 15, according to the filing.