New Delhi, August 31: Happiest Minds Technologies and ITC Infotech India have announced plans to combine their businesses to create a scaled, AI-first global technology services company with a targeted annual revenue of $1 billion by FY28, the companies said on Monday.
The combined entity is expected to have more than 19,000 employees, serve over 800 customers and operate across more than 30 countries. It will bring together Happiest Minds’ capabilities in AI, digital engineering, cloud, data, analytics and cybersecurity with ITC Infotech’s expertise in enterprise transformation, SAP, product lifecycle management, cloud, Industry 4.0 and industry-specific technology solutions.
As part of the transaction, ITC Infotech will acquire an aggregate 22.1% minority stake in Happiest Minds from the promoter and promoter entities in two tranches for a total consideration of ₹1,330 crore, at an average price of around ₹395 per share. The proposed merger will be carried out through a share swap, under which Happiest Minds shareholders will receive 25 shares of ITC Infotech for every 81 shares of Happiest Minds held. ITC Ltd will become the promoter of the merged company with a stake of around 73.4%.
The merger is subject to statutory, shareholder and regulatory approvals, including those from the Competition Commission of India, relevant stock exchanges and the National Company Law Tribunal. The companies expect the transaction to be completed within the next 15 months and will continue to operate independently until all approvals are secured. The combined company will be listed on relevant stock exchanges after receiving the required approvals.
Also Read: Nvidia Invests $3.5 Billion In MediaTek
