Videocon Industries, electronics and durables major, has signed the letter of intent (LoI) to with Finnish electronics manufacturing services company Elcoteq to buy out the latter, Videocon said today. The deal is expected to close by the end of the year.
The signing of the agreement is subject to completion of senior and subordinate debt restructuring and complete due deligence, it said. The deal will also depend on regulatory and statutory approvals, it said.
Elcoteq and Videocon will proceed with the negotiations regarding the debt restructuring as previously announced, it added.
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