Competition Commission of Indian (CCI) has cleared HCL Technologies’ equity swap deal to buy the business of Geometric. The deal excludes Geometric’s 58% stake in 3DPLM Software Solutions - a joint venture with Dassault Systems. The fair trade regulator has also approved the merger of remaining undertaking of Geometric with 3DPLM. Dassault is to have 100% stake in the 3DPLM.
In April, HCL Technologies and Geometric signed an agreement for the deal. As part of the transaction, HCL would issue 10 shares to shareholders of Geometric for every 43 shares held by them in the company. In total, HCL would issue 15,640,546 equity shares of Rs 2 each.
Geometric is a specialist in the domain of engineering solutions, services and technologies. Its portfolio of Global Engineering services, Product Lifecycle Management (PLM) solutions, Embedded System solutions, and Digital Technology solutions enables companies to formulate, implement, and execute global engineering and manufacturing strategies aimed at achieving greater efficiencies in the product realization lifecycle.