MPS Limited completed acquisition of Tata Interactive Systems AG.
July 04, 2018
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MPS Limited (BSE:532440) entered into an agreement to acquire Tata Interactive Systems and Tata Interactive Systems GmbH and Tata Interactive Systems AG from Tata Industries Limited for INR 800 million on April 24, 2018. As per the terms, the consideration will be payable in cash and will acquire entire business undertaking of Tata Interactive Systems and 100% stake in Tata Interactive Systems GmbH and Tata Interactive Systems AG. Milind Shahane, currently the CEO of TIS and Tata ClassEdge, will continue to be the CEO for both entities till closing of the transaction after which he shall continue in the role of CEO for Tata ClassEdge. For the financial year 2017, Tata Interactive Systems, Tata Interactive Systems GmbH and Tata Interactive Systems AG reported Consolidated revenue of INR 1.4 billion.The transaction is subject to the fulfillment of the closing conditions and shareholders’ approval of Tata Industries Limited and subject to approval from Falta Special Economic Zone, Unit Committee for transfer of its unit based at Kolkata and approval of German Federal Ministry of Economics and Energy. The transaction is expected to be completed by June 30, 2018. As of June 1, 2018, MPS Limited acquired Tata Interactive Systems. As of July 2, 2018, MPS Limited acquired Tata Interactive Systems GMBH.
Avendus Capital has acted as the financial advisor and Wadia Ghandy & Co., Daniela Favoccia, Peter Weyland, Hendrik Bockenheimer, Martin Klein, Patrick Wilkening, Annette Petow, Marius Mayer, Marc Gossmann and Thomas Ruthemayer of Hengeler Mueller and Bratschi Attorneys-at-law have been the legal advisors to TIL for this transaction. Ernst and Young (Mumbai) performed the role of a financial advisor and JSA Law (Gurgaon) advised on all legal aspects to MPS for this transaction.
MPS Limited completed acquisition of Tata Interactive Systems AG on July 5, 2018.
MPS Limited is an India-based company, which is engaged in providing of platforms, content, and learning solutions for the digital world. The Company operates through two segments: Content solutions and Platform solutions. Its Content solutions segment is engaged in creating and developing content for print and digital delivery. It includes content authoring/development, content production, content transformation, fulfilment, and customer support services. Its Platform solutions segment is engaged in developing and implanting various software and technology services programs. The Companyâs platforms include DigiCore, MPSTrak, mag+, THINK360, ScholarStor, ScholarlyStats and MPSInsight. Its MPSTrak is a cloud-based production workflow and content management platform for all product types including books, journals, reference works, and all media. THINK360 is an end-to-end, cloud-based integrated platform that enhances the user's overall content management and delivery experience.