iBus Networks and Infrastructure acquired digital utility infrastructure provider Ubico Networks from Shyam Group in an all-cash deal for about Rs 100 crore ($13.3 million).
iBus, which deploys its infrastructure across 233 commercial, residential and retail sites, said Ubico’s founders have exited the company and that 33 of the target’s employees would be joining itself.
iBus will now have a pan-India presence covering every Tier I city.
Cipher Plexis was the sole advisor on the deal.
Morgan Stanley’s India Infrastructure Fund had acquired a stake in iBus for Rs 150 crore earlier in the month.
iBus, which has previously raised capital from investors and family offices, offers in-building wireless solutions, outdoor small cells and other last-mile connectivity solutions for mobile operators.
It was founded in 2013 by three first-generation entrepreneurs.
Ubico was founded by brothers Udit Mehrotra and Nitin Mehrotra of Shyam Group in 2007. It covers 42 cities, with its spread stretching across hotels, hospitals, IT parks, commercial office space, malls, educational institutes, and real estate developers across India.