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Media firm Zee Entertainment Enterprises (ZEEL) on Wednesday said it will acquire 80 per cent stake in technology start-up Margo Networks for ₹75 crore.
The company’s board gave in-principle approval for the acquisition, ZEEL said in a filing to BSE.
Zee’s investment values Margo at ₹95 crore.
Margo has developed a technology to set up a server and compute infrastructure, which will enable content consumption, and has the potential to significantly drive up digital content consumption, it said.
“Considering the strong synergies of the technology developed by Margo with the current business of the company, the board of directors of the company has approved the acquisition of equity stake in Margo,” ZEEL said.
Margo is in the first year of its operation, and the paid-up equity capital stands at ₹1 lakh.
The investment by ZEEL is expected to be concluded within 30 days, it said.
Shares of ZEEL closed at ₹525.25, up 0.46 per cent on the BSE.
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