L&T Technology Services to acquire 100 pct stake in all-cash deal with Graphene

L&T Technology Services (LTTS) said Thursday it has signed an agreement to acquire 100 percent stake in Bengaluru-based Graphene Semiconductor Services in an all-cash deal for Rs 93 crore.

The transaction is expected to be completed by October 2018, LTTS said in a statement.

"Graphene's strong offshore presence, coupled with expertise in complete VLSI Chip Design & Embedded Software will be a force multiplier for LTTS and will enhance our capabilities in the Semiconductor & Product OEM space," Keshab Panda, CEO & MD, L&T Technology Services Ltd, said.

LTTS will conclude the deal in two tranches of Rs 70 crore upfront and Rs 23 crore payment in the form of earn-outs and retention pay spread over a period of three years.

Graphene is one of the fastest growing companies in the semiconductor services domain with a presence in India, Singapore, Taiwan, and Malaysia.

The company provides chip design, embedded software, and other solutions. The company had a revenue of Rs 66.3 crore in 2017-18.

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