Aditya Birla Nuvo’s (ABNL) wholly owned subsidiary - ABNL IT & ITeS has entered into an agreement to divest its IT-ITeS subsidiary, Aditya Birla Minacs Worldwide, subject to customary closing conditions, third party consents and regulatory approvals.
Pursuant to a share purchase agreement with a group of financial investors led by Capital Square Partners (CSP) and CX Partners (CXP), ABNL IT & ITeS, will divest Aditya Birla Minacs at an Enterprise Value of $260 million subject to the working capital adjustments.
Macquarie Capital is the exclusive financial advisor and Shearman & Sterling is the legal advisor to the private equity consortium on the transaction. The transaction is expected to be completed in 2 to 3 months subject to requisite customary and regulatory approvals.
