Sterlite Technologies (STL) on Monday said it will acquire Optotec, an optical interconnect products company based in Italy.
The deal involves acquisition of 100 per cent of Optotec's shareholding at an enterprise value of EUR 29 million, a statement by STL said.
A privately-held company, Optotec provides a full range of 'optical interconnect products' for telecommunication, FTTH (Fibre to the Home) and cloud networks in Europe.
"STL...today announced the signing of definitive agreements to acquire Optotec S.p.A, a leading optical interconnect products company based in Italy," Sterlite Technologies said.
Optotec, has portfolio that would compliment STL's 'Opticonn' offering of optical fibre and cables for an integrated products portfolio.
"Optotec has a strong legacy in Optical Interconnect portfolio of over 20 years and shares long standing relationships with marquee European telecom operators," the statement added.
The deal will be financed through a mix of internal accruals and foreign currency debt instruments. The transaction is subjected to regulatory approvals.
"The acquisition will create a solid springboard to offer a complete bouquet of solutions to customers across Europe, India and the Middle East," it said.
STL Group CEO, Anand Agarwal said, "As the investments by operators in fibre network infrastructure accelerate to support next-gen services like 5G, FTTH and edge cloud, the combination of STL and Optotec will provide our global customers with an enhanced array of innovative products and technologies".
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