Tech Mahindra acquires BIO

Tech Mahindra, the country’s fifth largest software exporter, said it has acquired the U.K.-based The BIO Agency (BIO), which specialises in digital transformation across sectors such as retail, financial and travel, in an all-cash deal for an enterprise value of up to 45 million pounds.

“The payment of 22 million pounds and the surplus cash (of 5 million pounds) will be made upfront and the balance as deferred payments based on company performance,” according to a BSE filing by Tech Mahindra. “The consideration is the enterprise value of 40 million pounds plus surplus cash not exceeding 5 million pounds as at the completion date.”

“Tech Mahindra will acquire 100 per cent of shares in BPO. The closing date of the transaction is expected to take place in the first week of July 2016,” according to the filing.