Ajay Piramal-led Piramal Enterprises on Friday said it has signed an agreement for the sale of its Decision Resources Group (DRG) business to US-headquartered Clarivate Analytics for USD 950 million (over Rs 6,745 crore).
The transaction is expected to be completed by end of February 2020, Piramal Enterprises (PEL) said in a statement.
PEL DRG Dutch HoldCo BV, a 100 per cent subsidiary of the company and the holding company for DRG, has signed a definitive agreement for the sale of DRG to Clarivate Analytics for a consideration of USD 950 million, it added.
This includes USD 900 million on closing and USD 50 million to be received at the end of 12 months from the date of closing, Piramal Enterprises said.
PEL had initially invested USD 650 million in 2012 to acquire DRG, out of which USD 260 million was infused as equity. It has realised 2.3 times its initial equity investment in rupee terms, it added.
Piramal Group Chairman Ajay Piramal said: "We are pleased to have grown DRG's market leadership over the last few years and believe that through this combination, Clarivate, with its size and scale, is well positioned to further accelerate DRG's growth potential."
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