Larsen & Toubro Infotech (LTI) will be acquiring Luxembourg-based Syncordis SA, along with its subsidiaries in France, UK, Luxembourg and India for 15 million euros (approx Rs.115.28 crore).

LTI will be expanding its core banking implementation capability by this acquisition and it is likely that the acquisition will be completed within 6-8 weeks.

LTI in a BSE filing stated, “The enterprise value payable for the acquisition of 100 percent share capital of Syncordis SA and Syncordis India is 14.65 million euros and 0.35 million euros, respectively on a cash-free, debt-free basis and is subject to customary working capital adjustments.”

Further it stated that. there might be a possibility to pay an additional amount of 13.50 million euros over a period of 4-5 years, dependent on the performance of the target firm.

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