iBus Networks and Infrastructure Ltd on Tuesday said it has acquired Ubico Networks for around ₹100 crore.

iBus has acquired Ubico Networks from Shyam Group in an all-cash deal.

"As per the agreement signed, iBus Group has acquired 100 per cent stake in Ubico Networks, its in-building and in-campus neutral-host infrastructure business and all related assets for around ₹100 crore," according to a statement.

Earlier this month, iBus had sold a minority stake to Morgan Stanley India Infrastructure for ₹150 crore ( $21 million).

"iBus is on a mission to empower telecom companies and its consumers in utilising the power of data as India gets ready to board the 5G bus. Our data consumption pattern is one of the highest in the world.

"With Ubico's acquisition, iBus Networks will lead the way in providing neutral IBS and DAS infrastructure sharing with mobile operators, enabling them to serve their customers seamlessly," iBus CEO and MD Ram Sellaratnam said.

Ubico Networks was founded in 2007 by Udit Mehrotra and Nitin Mehrotra of Shyam Group. The company builds, owns, manages, and licenses indoor wireless network infrastructure, enabling mobile service providers and property owners to offer an excellent wireless experience to their customers.

It currently has over 200 million sq ft spread across 400 sites in 42 cities with an average tenancy of 1.5 spread across 600 buildings and campuses. Ubico's spread includes hotels, hospitals, IT parks, commercial office space, malls and educational institutes.

Ubico founders have completely exited the company, while 33 employees of Ubico will be joining iBus, the statement said.

Cipher Plexis was the exclusive advisor to the transaction.

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