Azentio Software Private Limited signed an agreement to acquire software product business from 3i Infotech Limited (BSE:532628) for INR 10 billion on December 28, 2020. The consideration is subject to customary working capital and other adjustments. Software product business reported total revenues of INR 4429.8 million and total common equity of INR 3230.3 million for the year ended March 31, 2020. The transaction is subject to shareholder approval, relevant regulatory approvals, and receipt of requisite approvals. As of December 28, 2020, Board of Directors of 3i Infotech approved the deal. As on January 12, 2021, the shareholders' approval will be announced on March 2, 2021. As of March 2, 2021, 3i Infotech shareholders approved the transaction. The transaction is expected to be completed by March 31, 2021. 3i Infotech will use proceeds of the sales to facilitate repayment of all existing debt exposure of the 3i Infotech, to scale up other existing business segments of the 3i Infotech, including providing IT services to customers across sectors and geographies and to unlock value by sale of an undertaking of the 3i Infotech and strengthening the balance sheet of the 3i Infotech. As of March 31, 2021 Azentio Software Private Limited completed the purchase of Software Product Business of 3i Infotech Limited from 3i Infotech Limited except Thailand and Saudi Arabia business which is expected to be completed after regulatory approval.
Rashmi Deshpande, Arindam Ghosh, Vinita Krishnan, Moin Ladha, Nishad Nadkarni, Niren Patel, Anshul Prakash, Kumar Saurabh Singh, Sanket Shah and Aravind Venugopal of Khaitan & Co. acted as a legal advisor to 3i Infotech Limited. Ashwath Rau and Divya Mundra of AZB & Partners acted as legal advisor to Apax Partners, parent of Azentio Software. Daniel Dusek, Michael Rackham, Srinivas Kaushik of Kirkland & Ellis International LLP acted as legal advisor to Azentio Software Private Limited.
Azentio Software Private Limited completed the acquisition of software product business from 3i Infotech Limited (BSE:532628) on May 28, 2021.