LTI and Mindtree Announce Merger to Create India’s Next Large-Scale IT Services Player
The Boards of Directors of LTI and Mindtree at their respective meetings held today approved a composite scheme of amalgamation of both these independently listed IT services companies under the Larsen & Toubro Group. The proposed integration will see LTI and Mindtree join strengths to create an efficient and scaled-up IT services provider exceeding $3.5 Bn. The transaction is subject to shareholder and regulatory approvals.
Both LTI and Mindtree have delivered market leading financial performance and created value for shareholders. Given that recent industry shifts (e.g., prominence of large deals, preference for end-to-end offerings) are benefitting at-scale players, the two companies have decided that the time is appropriate to combine the strengths of both organizations to better serve the customers.
Significant scale benefits are anticipated through LTI and Mindtree’s complementary strengths resulting in a stronger portfolio of offerings across verticals. Enhanced customer engagement and delivery model through industrialization of delivery and streamlined value-enabling processes is expected to result in improvement in large deal capabilities. These opportunities will create a more distinctive employee value proposition and stronger partnerships with ecosystem players.
Upon the scheme becoming effective, all shareholders of Mindtree will be issued shares of LTI at the ratio of 73 shares of LTI for every 100 shares of Mindtree. The new shares of LTI so issued will be traded on the NSE and BSE. Larsen & Toubro Limited will hold 68.73 % of LTI after the merger.
For now, the companies will continue to function independently. A Steering Committee will be constituted to oversee the transition till the merger process is complete. The name of the combined entity will be “LTIMindtree”, leveraging the advantages of both the brands and creating value for all the stakeholders.
Speaking about the merger, A. M. Naik, Chairman, LTI, said, “This merger represents our continued commitment to grow the IT services business in line with our strategic vision. The highly complementary businesses of LTI and Mindtree will make this integration a ‘win-win’ proposition for our customers, investors, shareholders, and employees.”
Speaking about the merger, S. N. Subrahmanyan, Vice Chairman, LTI, said, “We are confident that the proposed merger will help us build on the combined strengths of both these organizations to unlock synergies through scale, cross-vertical expertise, and talent pool. This will help us emerge as a partner of choice for large-scale tech transformations and create a distinctive employee value proposition.”
Advisors
Citigroup Global Markets India Private Limited acted as financial advisors to LTI.
Cyril Amarchand Mangaldas acted as the legal advisors to LTI.
Kroll Advisory Pvt. Ltd. provided fairness opinion to LTI on the valuation done by the valuer for the proposed transaction. GT Valuation Advisors Private Limited were appointed as valuers by LTI.
About LTI:
LTI (NSE: LTI) is a global technology consulting and digital solutions Company helping more than 485 clients succeed in a converging world. With operations in 33 countries, we go the extra mile for our clients and accelerate their digital transformation journeys. Founded in 1997 as a subsidiary of Larsen & Toubro Limited, our unique heritage gives us unrivalled real-world expertise to solve the most complex challenges of enterprises across all industries. Each day, our team of more than 45,000 LTItes enable our clients to improve the effectiveness of their business and technology operations and deliver value to their customers, employees, and shareholders. Find more at http://www.Lntinfotech.com or follow us at @LTI_Global.
Connect with LTI:
- Read our News and Blogs
- Follow us on Twitter and LinkedIn
- Like us on Facebook
- Watch our videos on YouTube
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220506005230/en/
Contact information
Media Contacts:
Shambhavi Revandkar Lead- Media Relations
+91 9769509545
shambhavi.revandkar@lntinfotech.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
NielsenIQ Launches Retail Media Solution to Monetize Assets and Measure ROI for Retailers16.5.2022 17:01:00 EEST | Press release
Today, NielsenIQ, a global information services company, announced the launch of NielsenIQ Activate; a software-as-a-service (SaaS) solution that enables retailers to accelerate revenue opportunities through retail media and comprehensive customer insights that activate shoppers with personalized promotional offers. NielsenIQ Activate is comprised of dedicated applications for hyper-targeted audience building, offer and ads management, and end-to-end measurement. This SaaS tool, part of the NielsenIQ Connect platform, will allow retailers to create sustainable revenues by monetizing their retail media assets across physical and digital channels. Additionally, retailers will be able to boost credibility with brands and inform them of the insights they need to command their customers’ attention, act on those insights, and measure the ROI of their activities across all channels. “We are devoted to continuing our legacy by defining the next century of consumer and retail measurement,” says
TYLin and GPO Group Strategically Align16.5.2022 17:00:00 EEST | Press release
The GPO Group and Sam Schwartz, one of its operating companies, as part of a global effort to enhance connections and collaboration among companies in the Dar Group’s Global Infrastructure (GI) Pillar, are formally aligning with TYLin, the leading brand in the GI Pillar. The GPO Group and Sam Schwartz have added a TYLin “unifier” line to their names. Effective immediately, GPO will be known as GPO, A TYLin Company. Similarly, Sam Schwartz will be known as Sam Schwartz, A TYLin Company. The addition of the unifier line is part of a global strategic initiative to unify the companies in the Dar Group GI Pillar under the TYLin brand to provide more efficient access to its vast global resources and promote better collaboration among its staff. Aligning the two companies with TYLin — particularly in the rail and transit segments — means that GPO and Sam Schwartz, transportation and mobility leaders in Europe and the Americas, respectively, will expand their ability to deliver innovative thin
Xlear Teams Up With Dr. Ferrer BioPharma to Bring a Better User Experience to Nasal Hygiene16.5.2022 17:00:00 EEST | Press release
Today Xlear announced a new partnership with Dr. Ferrer BioPharma (DFBP), which will make Xlear nasal spray the first nasal hygiene tool to deploy the GentleMist nozzle—the next generation nasal spray technology that research shows achieves better compound dispersion and coverage and a better user experience. Nasal cleansing studies have found that rinsing the nose and nasal cavity is an important tool for improving health and wellbeing. Numerous clinical and lab studies have found that nasal hygiene is an important adjunct in countering rhinositus, as well as a range of bacterial and viral infections. New research, published by The European Society of Medicine found that the GentleMist nozzle achieved more uniform and more complete dispersion of nasal sprays into the nose and nasal cavity. The study also found that the new nozzle was gentler and significantly improved the user experience over typical nose spray technologies. You can read the full study by clicking here: Evaluation of
Innovative AI software for the detection of pancreatic diseases: first-in-human application successful16.5.2022 15:21:00 EEST | Press release
Diseases of the pancreas can have serious consequences for patients and are difficult to diagnose. Early detection is crucial for the patient's chance of survival. In Europe today, more than 90 percent of patients die of pancreatic cancer within the first five years after diagnosis. The Medi-Globe Group, a leading international MedTech company based in Achenmühle, Bavaria, will, in cooperation with the French Institut Hospitalo-Universitaire (IHU) Strasbourg, develop the world's first AI software for the detection of diseases of the pancreas in endoscopic ultrasound (EUS) examination. The key technology here is artificial intelligence. As part of large-scale clinical studies prior to market introduction, the AI software has now gone into clinical test with patients, so-called first-in-human applications. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220516005559/en/ The new AI software has the potential to revolutionize t
Sofinnova Partners and Apollo Form Strategic Partnership in Life Sciences16.5.2022 15:00:00 EEST | Press release
Apollo (NYSE: APO) and Sofinnova Partners (“Sofinnova"), a leading European life sciences venture capital firm based in Paris, London, and Milan, today announced a long-term strategic and financial partnership. Under the agreement, Apollo will take a minority equity interest in Sofinnova and commit up to €1 billion of managed capital to its investment funds. This strategic partnership is poised to significantly accelerate Sofinnova’s growth. For Apollo, the investment will meaningfully increase its presence in life sciences and contribute to its growth ecosystem of partners that bring specialized knowledge and networks to its integrated platform. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220516005254/en/ Together, Sofinnova and Apollo will offer entrepreneurs a more comprehensive range of capital solutions to help bring new therapeutic and biotechnology-based solutions to the market. The commitment to invest up to €1 bi
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom