Tech Mahindra Takes Over Comviva

NEW DELHI -- Tech Mahindra Limited, India’s sixth largest software exporter today, announced the acquisition of 51% stake on a fully diluted basis in Comviva Technologies Limited, a Bharti Group Company, and a global leader in providing mobile Value Added Services (VAS), Mobile Money and Mobile Payment solutions, for a value of INR 260cr. The deal will be subject to regulatory approvals.

The new brand identity will be Mahindra Comviva, reflecting the combined strength and spirit of both the entities.

As part of this arrangement, Tech Mahindra will make an upfront payment of INR 125cr towards the stake acquired and the balance amount of INR 135cr will be paid out over a period of five years based, on Comviva achieving mutually agreed performance targets. The current promoters will continue to hold a 20% stake on a fully diluted basis in Comviva, post the deal closure.

Tech Mahindra Ltd.