Northern Arc Group to acquire SMILE Microfin

Northern Arc Group to acquire the microfinance business of S.M.I.L.E. Microfinance Ltd on slump sale basis to strengthen its retail finance business.

The transaction will involve the takeover of the microfinance portfolio of S.M.I.L.E., along with its network of nearly 150 branches catering to over 0.2 million customers.

Around 850 employees of S.M.I.L.E. will move to the rolls of the Northern Arc group upon the consummation of the transaction, Northern Arc said in a statement. The company did not provide details like deal value nor assets under management (AUM) of SMILE.

According to an ICRA report SMILE had total managed assets of Rs