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Conneqt Business Solutions, a subsidiary of business services provider Quess Corp, has signed definitive agreements to acquire a 61.35 per cent stake in Allsec Technologies for Rs 271 crore. This will be followed by an open offer for an additional 26 per cent stake in Allsec.
The company will acquire 35.35 per cent from the promoters and 26 per cent from First Carlyle Ventures Mauritius, the company said in a statement.
Following the buy, Conneqt will make an open offer to the public shareholders of Allsec to purchase up to 26 per cent of shareholding. The transaction is conditional to the fulfilment of customary closing conditions and required statutory approvals.
“This acquisition underlines Quess’ ability to quickly build scaled global business platforms. Through this transaction, we now have the opportunity to leverage Allsec’s global presence as well as their deep domain expertise in the HRO business to further deepen client relationships to drive growth and profitability for both Conneqt and Allsec,” Ajit Isaac, Chairman & Managing Director of Quess Corp said. “Apart from the business synergies, the transaction will be accretive to both Conneqt and Quess from margins, cash flow conversion as well as RoCE perspective thereby creating long term value for our shareholders,” he added.
J.Sagar Associates advised Conneqt Business Solutions and Quess Corp for the deal, while Axis Capital acted as a financial advisor to Quess Corp.
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