New Delhi: IT company L&T Technology Services on Thursday said it will acquire 100 per cent stake in Texas-based Orchestra Technology, which provides engineering services and solutions for telecom network management.
L&T Technology Services (LTTS) will acquire the stake in all cash deal of USD 25 million, or about Rs 187 crore, in two tranches of USD 11 million (Rs 82.6 crore) and USD 14 million (Rs 105 crore), it said in a regulatory filing.
“This acquisition will enable LTTS to strengthen its footprint in the telecom OEM (original equipment manufacturer) and service provider space. Orchestra will help bolster LTTS investments as part of open network forums ONF and TIP across key elements of 5G like ORAN, private networks, narrow band IOT,” LTTS said in the filing.
Orchestra had turnover of around Rs 110 crore in the year 2019, and currently employs around 80 people.
LTTS said the deal is expected to close by December 2020.
Source: ET Markets