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Network infrastructure company SAR Televenture on Monday announced that it will acquire internet service provider Tikona Infinet for Rs 669 crore in a cash and stock deal.
The two parties have entered into an agreement under which SAR will acquire a 91 per cent stake in Tikona for Rs 669.04 crore in cash and stock deal, a statement said.
Tikona Infinet will become a significant subsidiary of SAR Televenture and Tikona shareholders will get SAR Televenture shares.
SAR, which is listed on the SME platform of NSE, would be able to expand its business post-deal, especially those in the enterprise sector, the statement said, adding there are operational synergies between the two businesses which will create cost savings.
Post deal completion, timelines for which were not revealed, the SAR group will become an integrated telecom services provider with a presence in ISP services, IP1 services, broadband and enterprise services, the statement said.
In FY24, the registered sales of the 2008-established Tikona which provides high-speed internet and data services to residential, commercial, and enterprise customers across 300 cities in the country, had stood at Rs 192.86 crore.
Tikona's clients include HDFC Bank, ICICI Bank, Axis Bank, NSE, BSE, Ujjivan Bank, Indigo AirLine, Spice Jet, Tata Communications and Cipla.
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