NTT Data, a subsidiary of Japan’s biggest telecommunications company, NTT has agreed to buy US-Indian enterprise applications company, Intelligroup for US$199m in an all-cash offer.
NTT is tendering for Intelligroup’s US-listed shares at US$4.65, which…
NTT Data, a subsidiary of Japan’s biggest telecommunications company, NTT has agreed to buy US-Indian enterprise applications company, Intelligroup for US$199m in an all-cash offer.
NTT is tendering for Intelligroup’s US-listed shares at US$4.65, which equates to a 21.1% premium over the company’s average closing price over the last three months.
The tender offer will begin within six business days and expire after 20 days, unless it is extended. The offer is conditioned on the tender of more than a majority of Intelligroup’s outstanding shares on a fully diluted basis and other conditions. The tender offer will be followed by a merger to acquire remaining shares at the same price.
Vivek Gulati, chief executive of Intelligroup said: “NTT is looking to get into India and the US markets…(and) brings us the scale and the financial muscle.”
Bank Tokyo-Mitsubishi managed the transaction.
