Companies

Amazon to acquire Narayana Muthy-backed Catamaran Ventures’ stake in Prione Business Services

BL Bengaluru Bureau | | | Updated on: Dec 22, 2021

Partners have decided to not continue the joint venture beyond the end of its current term of May 2022

Prione Business Services, the joint venture between Catamaran and Amazon, will be acquired by Amazon subject to requisite regulatory approvals, the company said in a statement.

On August 9, the partners had announced their decision to not continue the JV beyond the end of its current term of May 2022. Amazon will acquire Catamaran’s shareholding in Prione in compliance with applicable laws including all assets and liabilities.

Also see: Amazon may not renew venture with Patni group

The businesses of the joint venture shall continue under the leadership of the current management and, on receipt of regulatory approvals, the board of Prione & Cloudtail (a wholly-owned subsidiary of Prione) will take steps to complete the transaction in compliance with applicable laws, the company said in a statement.

Cloudtail has been one of the largest sellers on the Amazon India marketplace.

Published on December 22, 2021
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