A V Birla group on Saturday announced it has entered into a definitive agreement to acquire 100 per cent stake in Canada's largest BPO firm Minacs for $125 million (nearly Rs 562 crore).
MUMBAI: A V Birla group on Saturday announced it has entered into a definitive agreement to acquire 100 per cent stake in Canada's largest BPO firm Minacs for $125 million (nearly Rs 562 crore).
Initially, the Group's BPO company TransWorks Information Services Ltd would acquire 46.4 per cent promoters' stake and make an open offer to public shareholder with an intention to acquire 100 per cent stake.
"This should close by August this year," Group Chairman Kumaramanglam Birla told reporters.
Minacs, with $265 million in revenues and 6,000 employees, has key abilities in automobile, telecom and financial services and centres across Canada, UK and US.
TransWorks Information Services Ltd is offering $5 in cash for all the outstanding common shares of Minacs.
Toronto-based private investment firm ReichmannHauer Capital Partners tied-up with Aditya Birla Group in its evaluation of the transaction and intends to invest in the combined entity.
Birla said that about 10 per cent stake could be offered to ReichmannHauer.
"As per our policy, we want to be a dominant player in every sector that we are present. So by this acquisition TransWorks will be among the top three in terms of size and revenue in India," he said.
The combined business will have an approximate revenue of $300 million, he said, adding that the acquisition will mark the entry of TransWorks into the automobile sector.
TransWorks is awaiting regulatory clearances for making the open offer, which is expected to happen by July 10.
Minacs decided to exit the business after its proprietor expired, Birla said.
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