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Our Bureau

Bangalore , Nov. 27

Sonata Software Ltd has concluded the acquisition of a 50.1 per cent stake in TUI InfoTec GmBH, the IT outfit of Europe's leading tourism and shipping group TUI AG, for 18 million euros (Rs 105 crore) in an all-cash deal. The transaction was carried out through the company's European subsidiary, Sonata Europe Ltd.

Sonata raised 10 million euros from State Bank of India, London to part-finance the deal, while the balance 8 million euros was met through its internal accruals. Sonata's European outfit has received anti-trust clearance from the Federal Cartel Office in Germany prior to the final stake sale and the transition of earlier contracts from TUI InfoTec to the new joint venture company has already begun.

Mr B. Ramaswamy, President and Managing Director, Sonata "Detailed sales and marketing plans for new customer acquisition are being drawn up".

More Stories on : Mergers & Acquisitions | Software

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