AGC Networks spurts after acquiring Black Box Corporation

AGC Networks surged 7.3% to Rs 112.40 at 10:31 IST on BSE after the company's wholly-owned subsidiary completed the acquisition of Black Box Corporation, a leading digital solutions provider in the US.

The announcement was made after market hours yesterday, 9 January 2019.

Meanwhile, the S&P BSE Sensex was up 22.88 points or 0.06% at 36,235.79

On BSE, 2,567 shares were traded in the counter as against average daily volume of 12,000 shares in the past two weeks. The stock hit a high of Rs 113.70 and a low of Rs 107.60 so far during the day.

AGC Networks announced that its wholly-owned subsidiary has completed the acquisition of Black Box Corporation, a leading digital solutions provider in the US. The combination with Black Box will substantially strengthen AGC's presence and offerings to 25+ countries across six continents. The acquisition will also help add US$600 million to AGC's revenue, taking the company's combined revenue to over US$750 million, and global headcount to more than 4,000 people serving clients worldwide.

As a result of the earlier tender offer and the subsequent merger, which were completed, Black Box Corporation will become a private company and its shares of common stock will no longer be publicly traded. This will result in Black Box Corporation becoming a 100% subsidiary of AGC.

AGC Networks' consolidated net profit rose 265.35% to Rs 4.64 crore on 10.13% growth in total income to Rs 199.22 crore in Q2 September 2018 over Q2 September 2017.

AGC Networks (AGC) is a global solution integrator representing the world's best brands in Unified Communications, Data Centre & Edge IT, Cyber Security (CYBER-i), and Digital Transformation & Applications to evolve the customer's digital landscape.

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