LTI and Mindtree announce their merger to create a broadband provider …

Mumbai, India – Friday, May 6, 2022 [ ايتوس واير ]

(BUSINESS WIRE) – Following their meeting today, the boards of LTI and Mindtree approved a joint plan to merge the two independently listed IT services companies among the Larsen group of companies. And Toubro. “The proposed merger will enable LTI and Mindtree to join forces to create an efficient and scaled-up IT service provider worth more than $ 3.5 billion. The transaction is still subject to the approval of the shareholders of the two companies and related regulatory approvals.

LTI and Mindtree both have market leader financial performance and have created value for shareholders. As recent business shifts (such as the emergence of large transactions and the tendency to favor integrated offerings) have significant benefits for the major players in the market, the two companies felt it was time to combine their combined strengths to better serve customers. serve.

Significant and broad-based benefits are expected to be achieved by combining the complementary strengths of LTI and Mindtree, enabling a stronger portfolio of offerings across industries. Furthermore, improving customer engagement efforts and optimizing the delivery model by standardizing and automating the delivery process and simplifying value-creating processes will improve the capabilities to execute large transactions. These opportunities will lead to the creation of a more differentiated employee value proposition, and to stronger partnerships with industry role players.

Upon the commencement of the merger plan, LTI shares will be issued to all Mindtree shareholders at the rate of 73 LTI shares for every 100 Mindtree shares. The new LTI shares thus issued will be traded on both the Bombay Stock Exchanges (BSand the Indian National Stock Exchange(NSE. It is noteworthy that Larsen & Toubro Ltd. 68.73 percent of LTI will retain after the merger.

Currently, the two companies will continue to operate independently, and a steering committee will be formed to oversee the transition process, until the completion of the merger process. The new joint entity will be called LTIMindtree, and leverages the benefits of both brands to create value for all stakeholders.

And he said Verse. Mother. Nike, CEO, LTI Comment on the merger: “This merger is a testament to our continued commitment to the growth of the IT services business, in line with our strategic vision. The highly complementary services offered by both LTI and Mindtree will complement this merger. make an offer. A ‘win-win’ for our customers, our investors, our shareholders and our employees. “

On the other hand, he said S. that. Subramanian, Vice President, LTI: “We are confident that the proposed merger will help us leverage the combined strengths of both leading companies to unleash the potential that their joint collaboration will bring, in terms of scale, cross-sector expertise and talent pool. This will help us move forward. to emerge as the preferred partner in transformation processes. Extensive technology, creating a more differentiated employee value proposition. “

Consultant

Citigroup Global Markets India Pvt Ltd has acted as financial advisor to LTI.

Cyril Amarchand Mangaldas acted as Legal Adviser to LTI.

Kroll Advisory Limited provided BTI’s fair opinion on the valuation provided by the independent valuer of the Proposed Transaction. GT Value Advisors Private Ltd. was appointed by LTI as the valuer.

About “LTI”

LTI (listed on the National Stock Exchange of India under the symbol NSE: LTI ) is a global technology consulting and digital solutions company that helps more than 485 clients succeed in a converging world. With operations in 33 countries, we go the extra mile for our customers and support them in accelerating their digital transformation. Our unique legacy, gained since our launch in 1997 as a subsidiary of Larsen & Toubro, gives us unmatched real expertise to solve the most complex challenges for organizations in all sectors. Our team of more than 45,000 members works daily to empower our customers to improve the efficiency of their company’s operations and technology, and deliver value to their customers, employees and stakeholders. For more information, please visit the following online link: http://www.Lntinfotech.com Or follow us on: @LTI_Global.

To contact LTI:

You can download the original copy of the press release on Business Wire (businesswire.com) at the following link: https://www.businesswire.com/news/home/20220506005230/en/

The original language text of this declaration is the officially approved version. As far as the translation is concerned, it is provided for assistance only, and reference should be made to the original language text, which is the only version with legal consequences.

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