IT services major Tech Mahindra today said it has signed an agreement to acquire the IT and consultancy services business of chemical giant BASF in a bid to strengthen its presence in Western Europe.
IT services major Tech Mahindra today said it has signed an agreement to acquire the IT and consultancy services business of chemical giant BASF in a bid to strengthen its presence in Western Europe.
Financial details of the deal, made through its German subsidiary, were not disclosed. It is expected to close by June this year.
The Mumbai-headquartered firm, in a statement, said Tech Mahindra GmbH, Dusseldorf has signed an agreement with BASF Business Services Holding GmbH "to acquire its business with third party customers. This includes the wholly-owned subsidiary BASF Business Services Consult GmbH, based in Hamburg."
BASF Business Services Holding will, in future, focus on providing information services, supply chain operations and business process management for BASF Group, it added.
"Legal closing of the transaction is expected to happen in the first quarter of FY 2014-15. All 60 employees of BASF Business Services Consult GmbH will be transitioned to Tech Mahindra as part of this transaction," the company said.
Tech Mahindra already has a presence in Germany across three centres and employs more than 100 people.
BASF Business Services Holding GmbH (earlier called BASF IT Services Holding GmbH) is an indirect wholly owned group
company of BASF SE. Its service portfolio includes consulting, development and operation of IT systems to the design and optimisation of business processes.
"It is a strategic move and a testimony of our commitment to the region. It will bring us closer to our customers and will help us to deliver holistic solutions. I'm confident the acquisition will spur rapid growth in this region," Tech Mahindra Europe (Enterprise) Head Vikram Nair said.
The acquisition will see creation of a strong ICT player in the region with strengths in application and infrastructure business services, he added.
Earlier this week, Tech Mahindra acquired a Sweden-based Type Approval Lab for undisclosed amount to strengthen lab presence in Europe, Middle East and Africa (EMEA) regions.
In the past two years, Tech Mahindra has acquired stake in Comviva, Hutchison Global Services (call centre arm of Hutch) and Dion Global Solutions Ltd. Its biggest acquisition till date is Satyam Computers.
Tech Mahindra stock price
On February 26, 2014, Tech Mahindra closed at Rs 1821.65, down Rs 17.5, or 0.95 percent. The 52-week high of the share was Rs 1906.00 and the 52-week low was Rs 895.25.
The company's trailing 12-month (TTM) EPS was at Rs 98.50 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 18.49. The latest book value of the company is Rs 183.78 per share. At current value, the price-to-book value of the company is 9.91.
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