According to L&T Technology Services(LTTS), it will acquire a 100 per cent stake in Texas-based Orchestra Technology. Orchestra Technology provides engineering services and solutions for telecom network management.
In a regulatory filing, LTTS said that it will acquire the stake in all cash deal of $ 25 million, (Rs 1,870 million), in two tranches of $11 million (Rs 826 million) and $14 million (Rs 1,050 million).
As per the company, this acquisition will enable LTTS to strengthen its footprint in the telecom original equipment manufacturer (OEM) and service provider space. Orchestra will help bolster LTTS investments as part of open network forums (ONF) and telecom infra projects (TIP) across key elements of 5G like ORAN, private networks, narrow band internet of things (IoT).
The deal is expected to close by December 2020.