Tech Mahindra moves higher on inking definitive agreement to acquire 'The HCI Group'

07 Mar 2017

Tech Mahindra is currently trading at Rs. 503.65, up by 4.40 points or 0.88% from its previous closing of Rs. 499.25 on the BSE.

The scrip opened at Rs. 507.00 and has touched a high and low of Rs. 509.90 and Rs. 503.35 respectively. So far 46350 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 563.75 on 30-May-2016 and a 52 week low of Rs. 405.10 on 17-Oct-2016.

Last one week high and low of the scrip stood at Rs. 509.00 and Rs. 488.00 respectively. The current market cap of the company is Rs. 49192.69 crore.

The promoters holding in the company stood at 36.24%, while Institutions and Non-Institutions held 49.94% and 13.76% respectively.

Tech Mahindra, a specialist in digital transformation, consulting and business reengineering has signed a definitive agreement to acquire CJS Solutions Group LLC, a US-based healthcare Information Technology consulting company which does business as (DBA) ‘The HCI Group’. The transaction is expected to close by April 2017, subject to the regulatory approvals.

Tech Mahindra was supported on this deal by due diligence advisor Ernst & Young and legal advisor Greenberg Traurig, LLP.  Lodestone Corporate Advisors was the exclusive advisor to Tech Mahindra on the overall transaction. The HCI Group’s financial advisor for the transaction is Allen & Company LLC, with Nelson Mullins Riley & Scarborough LLP serving as its legal counsel.

Headquartered in Jacksonville, Florida, The HCI Group works with some of the world’s most prestigious Tier-I healthcare service providers, primarily in the US and UK, focusing on providing end-to-end implementation of Electronic Health Record (EHR) and Electronic Medical Record (EMR) software, training and support services. The HCI Group’s services include enterprise-wide advisory services, with a focus on IT system implementation and training, as well as specialty service lines in integration, testing, go-live, clinical adoption, optimization, HIMSS EMRAM and cyber security.

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