AXISCADES Engineering Technologies (ACETL) has received an approval for acquisition of AXISCADES Aerospace and Technologies (ACATL), an aerospace, defence and homeland security technologies company, in an all-stock deal. The board of directors at their meeting held on August 14, 2015 has approved for the same.
The shareholders of IAT (holding company of ACATL) will receive 10 shares in ACETL for every 45 shares held by them. The transaction is proposed to be completed via a scheme of amalgamation and is subject to relevant regulatory approvals.
The combined entity will be an integrated technology solutions partner, addressing business needs across domains. The joint financial strength, complementary capabilities of the two organizations and their synergistic client base, will position the company to target a much wider set of opportunities, and compete for larger, integrated projects.
The transaction will not only create long term, sustainable value enhancement for all shareholders, but will also be value accretive to shareholders from day one. The combined business has FY15 consolidated pro-forma revenues of Rs 530 crore, and employs in excess of 1,700 people across 10 different countries.
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