Mastek concludes acquisition of Evolutionary Systems Arabia FZ LLC

Incorporates new entity Mastek Arabia FZ - LLC as wholly owned subsidiary of Mastek, UK

Mastek announced that consequent to the Business Transfer Agreement (BTA ) signed on 08 February 2020, a new Entity named Mastek Arabia FZ - LLC has been incorporated in UAE as on 03 March 2020 (as a Wholly Owned Subsidiary of Mastek (UK)) and the second and final consideration of USD 49.4 million (excluding advance of USD 14 million paid earlier) aggregating to total consideration of USD 63.4 million has been fully discharged to the shareholders of the Evolutionary Systems Arabia FZ LLC based on the Conditions Precedent satisfied.

Subsequently, the business of Evolutionary Systems Arabia FZ LLC has been acquired as a going concern as per the BTA.

It is also notified that owing to the prevalent global epidemic situation, the transfer of shareholding in the below mentioned subsidiaries of Evolutionary Systems Arabia FZ LLC is delayed and both parties are working with each other to ensure completion of the procedural aspects of transfer as soon as practicable.

Evolutionary Systems Bahrain SPC
Evolutionary Systems Egypt LLC
Evosys Kuwait to Design & Processing of Electronic Computer Centers W.L.L
Evolutionary Systems Consultancy LLC - UAE
Evolutionary Systems Saudi Company (Limited Liability Company)

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