Axis Bank has completed the acquisition of Freecharge for a cash consideration of Rs 373.27 crore, on a cash-free, debt-free basis. The Bank has received approval for the same from Reserve Bank of India.
The Bank had entered into a Share Purchase Agreement (SPA) with Jasper Infotech (Snapdeal), to acquire 100% equity capital of Accelyst Solutions (Accelyst) & Freecharge Payment Technologies (FPTPL) (Accelyst and FPTPL collectively referred to as Freecharge).
Axis Bank is the third largest private sector bank in India. The Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
