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CCI approves acquisition of Syntel by French IT firm Atos

Press Trust of India  |  New Delhi 

Competition watchdog CCI Thursday said it has approved the USD 3.4 billion acquisition of Syntel by French IT major Atos.

Both Atos and Syntel have significant presence in India. Syntel, which has 23,000 engineers in 30 countries, has over 18,000 staff based in India. Atos employs about 16,000 people in India.

In July this year, Atos had announced the acquisition of American IT firm Syntel in a bid to enhance its footprint, especially in the North American market and accelerate the digital transformation of its customers.

In a tweet, the Competition Commission of India (CCI) said it "approves acquisition of all outstanding shares of Syntel Inc. by Atos S.E."

Following the acquisition, all of Syntel's management team is expected to join Atos and Syntel CEO Rakesh Khanna will become a member of Atos Executive Committee.

Syntel generated revenues of USD 924 million in 2017, of which 89 per cent was in North America. About 40 per cent of its revenues are driven by a suite of digital and proprietary solutions around cloud, social media, mobile, analytics, Internet of Things and automation.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 20 2018. 18:50 IST