Tech Mahindra acquires 51% stake in Cerium Systems

Tech Mahindra will acquire the remaining 49% over the next three years based on the financial performance of the company, the former informed the exchanges. Earlier, the transaction was expected to entail upfront acquisition of Cerium Systems' 70% shares for an enterprise value of up to 2.5 bln rupees, while the remaining 30% to be acquired over the next two years.

The acquisition is expected to enhance the company's capabilities in the areas of semiconductor design and testing, embedded software development and product engineering, the company said. On Thursday, shares of Tech Mahindra ended 2.4% lower at 545.25 rupees on the National Stock Exchange.

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