Sonata Acquires Majority Stake In Germany’s TUI InfoTec For $24 Million
This is considered a good move from Sonata Software. Its UK-based subsidiary has acquired a 50.1 per cent stake in Germany’s TUI InfoTec GmbH for $23.74 million (euro 18 million). Sonata has also received anti-trust clearance from the Federal Cartel Office in Germany. The remaining 49.9 per cent stake in TUI InfoTec will be held by TUI AG.
State Bank of India (UK) has provided eiro 10 million in acquisition financing. The rest is expected to be met from the internal accruals.
Bangalore-headquartered Sonata registered revenues of Rs 90.9 crore in the first six months of this financial year. Smaller IT companies like Sonata are increasingly looking at acquisitions to grow.
11/29/06, 2:40 AM |
Has there been any change in the deal since it was reported last - I think in early October?
It does make lot of sense for Sonata. It provides an entry into lucrative German and Wester Europe market with ready accesss to TUI Group as a customer.
11/29/06, 6:55 AM |
Eerst Europa Doelstellingen: De Ci2i Verzekering (Ci2i) zal het nummer een gebrandmerkte pan Europese commoditized online verzekeringsmakelaar door 2010 zijn.