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  Business   Companies  15 Mar 2019  Tech Mahindra to acquire K-Vision for USD 1.5 mn to expand 5G business

Tech Mahindra to acquire K-Vision for USD 1.5 mn to expand 5G business

PTI
Published : Mar 15, 2019, 10:36 am IST
Updated : Mar 15, 2019, 10:36 am IST

The deal between Tech Mahindra and K-Vision was signed on Thursday and is expected to close by end of this month.

The investment committee of the board of directors of the company has approved the proposal to acquire 100 per cent shareholding.
 The investment committee of the board of directors of the company has approved the proposal to acquire 100 per cent shareholding.

New Delhi: IT company Tech Mahindra will acquire Japan-based mobile network solution firm K-Vision for USD 1.5 million in an all-cash deal to support 4G and 5G telecom network roll out in Japan.

"The investment committee of the board of directors of the company has approved the proposal to acquire 100 per cent shareholding in M/s K-Vision Co., Ltd through its wholly owned subsidiary ie Mahindra Engineering Services (Europe) Limited," Tech Mahindra said in a note.

 

K-Vision provides network services for mobile communications to telecom operators in Japan. The company earned revenue of USD 4.8 million during 12-month period ended January 31, 2019.

"Tech Mahindra through its wholly owned subsidiary...intends to leverage the local presence and expertise of K-Vision to build its network services business in Japan. In the near term, Tech Mahindra will support 4G and 5G network build and roll-out in Japan for large telecom players," the note said.

The deal between Tech Mahindra and K-Vision was signed on Thursday and is expected to close by end of this month.

Tags: tech mahindra, k-vision, 5g service, deal
Location: India, Delhi, New Delhi