Larsen & Toubro Infotech Limited (NSEI:LTI) signed a definitive agreement to acquire Cuelogic Technologies Pvt. Ltd. for $8.4 million on June 15, 2021. The entire consideration will be paid in cash. The cost of acquisition for 100% share capital of Cuelogic is $8.4 million on a cash-free, debt-free basis excluding working capital adjustments and will be paid as a combination of upfront consideration, retention bonus and performance-based earn-outs. Cuelogic's revenue for financial year 2021 stood at $5.5 million. Pursuant to the approval of Strategic Investment Committee at its meeting held on June 15, 2021, Larsen & Toubro Infotech Limited has signed a definitive agreement to acquire Cuelogic. The acquisition is subject to customary closing conditions which are expected to get completed within 2 to 4 weeks. Niren Patel of BDO India LLP is acting as due diligence advisor to Larsen & Toubro Infotech Limite.
Larsen & Toubro Infotech Limited (NSEI:LTI) completed the acquisition of Cuelogic Technologies Pvt. Ltd. on July 7, 2021.