For transaction value of USD 50 million
Mindtree announced that its Board of Directors have approved the acquisition of 100% membership interest in Magnet 360 LLC, a company incorporated under the laws of United States. The acquisition is already approved by the RBI as per FEMA regulations. It will strengthen Mindtree's Digital and Clould Offerings. The transaction is expected to close in the quarter ending 31 March 2016.The total deal value is USD 50 million comprising of upfront payment of USD 37 million and earn out and additional payouts of up to USD 13 million over a period of next two years.
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