Sterlite Technologies subsidiary to acquire 12.8 pc stake in Israel-based ASOCS

Sterlite Technologies Ltd (STL) on Thursday said its subsidiary has entered into definitive agreements to acquire 12.8 per cent stake in Israel-based ASOCS.

"Sterlite Global Venture (Mauritius) Ltd, a wholly owned subsidiary of STL, has entered into definitive agreements to acquire 12.8 per cent stake (on issued and outstanding basis) in ASOCS, a vRAN (virtual Radio Access Networks) technology company based out of Israel," a regulatory filing said.

ASOCS provides solutions for enterprise and telco-networks, it added.

"Acquisition of the shares of investee company is done at a mutually agreed pre-money valuation. The said valuation is not disclosed herein due to reasons of confidentiality," it said.

The cash consideration will be paid in two tranches - one as on date and one in May 2020.

The investment strengthens the company's offering in the promising and fast growing virtualised radio access space, the filing added.

The joint solution of STL and ASOCS will empower mobile network operators to build best-in-class networks and enable them to build vendor-neutral, autonomous mobile networks using 5G radio, SDN, NFV and AI technologies, STL Group CEO Anand Agarwal said.

"We are incredibly excited to invest in ASOCS and believe that the partnership will enable STL and ASOCS to bring end-to-end capabilities for a converged network (i.e. both wireless and wireline) to market. Together, we can offer full stack solutions to enterprise and telco customers, including STL's services and system integration capabilities," he added.