Pure-play engineering services company L&T Technology Services (LTTS) Limited has executed a definitive agreement to acquire 100 per cent stake in Bangalore-based Graphene Semiconductor Services Private Limited in an all cash deal worth Rs 930 million. It includes Rs 230 million payment in the form of earn-outs and retention pay spread over 3 years.
“Graphene’s strong offshore presence, coupled with expertise in complete VLSI Chip Design & Embedded Software will be a force multiplier for LTTS and will enhance our capabilities in the Semiconductor & Product OEM space,” said Dr Keshab Panda, CEO & Managing Director, L&T Technology Services Limited.
The transaction is expected to be completed by October 2018.
Graphene is one of the fastest growing companies in the Semiconductor Services domain with a presence in India, Singapore, Taiwan, and Malaysia and had a turnover of Rs 663 million in FY18.
Counting among 10 of the world’s top semiconductor fabrication and fabless companies as its customers, Graphene provides end-to end solutions -— right from chip design, embedded software, all the way through providing support to mass manufacturing, thereby being a one-stop service and solution provider.