Quess acquires residual 30% stake in Conneqt from Tata Sons
By IANS |
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Quess acquires residual 30% stake in Conneqt from Tata Sons. Image Source: IANS News
New Delhi, April 16 : Quess Corp has announced the acquisition of the remaining 30 per cent stake in Conneqt Business Solutions Ltd for Rs 208 crore, pursuant to the put option notice by Tata Sons Pvt Ltd.
In a statement Quess said that with this transaction, Conneqt will become its wholly owned subsidiary.
Quess had acquired 51 per cent of Conneqt in November 2017 and further increased its stake in Conneqt from 51 per cent to 70 per cent in May 2019 through infusion of primary capital, which was used to fund the acquisition of Allsec Technologies Limited.
Conneqt deal will be cash & EBITDA-accretive for Quess Corp, says CFO
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Quess Corp, talks about the Conneqt acquisition deal and about the overall India business & jobs scene in the wake of the second wave. Edited excerpts from his interview with ET Now:
Shed some light on the details of Quess Corp s deal with Conneqt
Quess Corp acquires residual 30% stake in Conneqt for ₹208 crore
April 16, 2021
Conneqt will now become a wholly-owned subsidiary of Quess
Quess Corp, a Bengaluru-based business services provider, has acquired the residual 30 per cent stake in Conneqt Business Solutions Ltd for ₹208 crore, pursuant to a put option notice by Tata Sons.
Following the transaction, Conneqt will become a wholly-owned subsidiary of Quess, the company said a press statement.
Suraj Moraje, Group CEO and Managing Director of Quess Corp, said: “Conneqt has performed remarkably since we acquired it in 2017, with significant milestones achieved in terms of robust revenue CAGR, NPS improvement and reduction of top 10 customer exposure”.
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