Sonata buys 50% stake in Germany's TUI InfoTec

Sonata Europe, Sonata Software's UK-based subsidiary, has acquired majority stake in Germany-based TUI InfoTec GmbH for Rs 105.32 crore (euro 18 million).

According to a release issued by Sonata Software to the BSE, its UK-based arm signed the closing memorandum with TUI InfoTec recently, to take a 50.1% stake in the company. Sonata has also received anti-trust clearance from the Federal Cartel Office in Germany.

As per the agreement, the balance 49.9% stake in TUI InfoTec will be held by TUI AG.

"Transition of work from TUI InfoTec to the JV has already started. Going forward, our focus will be on the execution of a joint plan, to ensure that the objectives of the JV are met. Detailed sales and marketing plans for new customer acquisition are being drawn up," B Ramaswamy, president and MD of Sonata Europe, said.

Sonata received funding of euro 10 million from the State Bank of India, London as part of the investment. The balance amount was funded through internal accruals.