Tech Mahindra to sell step-down unit in Pakistan to Swiss firm
Photo Credit: Reuters

Software services firm Tech Mahindra Ltd said on Wednesday it has agreed to sell a step-down subsidiary in Pakistan to Swiss firm Talkpool AG for $5.2 million (Rs 33.5 crore).

Tech Mahindra unit LCC Middle East FZ LLC is selling LCC Pakistan Pvt. Ltd subject to regulatory approvals, the Mahindra Group company said in a stock exchange filing.

The transaction is likely to be completed by 31 October, it added.

LCC Pakistan recorded revenue of $11.8 million for the year through March 2017. This is 0.27% of Tech Mahindra’s total revenue.

Talkpool provides a range of network design, engineering and managed services designs. The company was founded in 2000 and floated its initial public offering last year.

Tech Mahindra didn’t specify any reason for the sale.

The company has struck a few acquisitions over the past year.

In March, it agreed to acquire US-based healthcare software provider CJS Solutions Group LLC for an enterprise value of $110 million.

It had acquired UK-based digital services provider Bio Agency for $66 million in June last year. A month before, the company acquired UK-based fintech firm Target Group in an all-cash deal valued up to £120 million, including debt, to boost its offerings in the banking and financial services segment.

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