L&T is looking to make a deal with Mindtree to create a scaled-up IT service provider.
The companies say it’s a time of change in the industry and the types of business deals. Now LTI and Mindtree are combining their strengths so that they can better serve their customers.
For now, companies will continue to function independently. A committee will oversee the merger and take necessary steps to insure smoothing of transition between the two companies.
“LTIMindtree” will be the name of the integrated entity created from the merger.
The L&T statement led to the argument that Mindtree and L&T will be stronger together.
L&T Infotech and Mindtree have merged to form a company that valued over $3.5 billion. This merger will create an IT provider that combines the strengths of both companies.
LTI has decided that the time is now to combine forces with Mindtree due to recent industry shifts, as doing so would serve its customers better.
Upon the merger, Mindtree shareholders will be issued 73 shares of LTI for every 100 shares they own. The new shares issued will trade on the NSE and BSE with Larsen & Toubro owning 68.73% of LTI following completion of the merger.
The two companies are for now continuing to operate on their own. A committee is going to be set up to co-ordinate between the two companies.
The name of the new company will be LTIMindtree.
L&T believes that the acquisition of Mindtree will allow for greater growth and improvement in their portfolio.
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