IT company Tech Mahindra will acquire Japan-based mobile network solution firm K-Vision for $1.5 million in an all-cash deal to support 4G and 5G telecom network roll out in Japan. "The investment committee of the board of directors of the company has approved the proposal to acquire 100 per cent shareholding in M/s K-Vision Co., Ltd through its wholly owned subsidiary ie Mahindra Engineering Services (Europe) Limited," Tech Mahindra said in a note.
K-Vision provides network services for mobile communications to telecom operators in Japan. The company earned revenue of $4.8 million during 12-month period ended January 31, 2019.
"Tech Mahindra through its wholly owned subsidiary...intends to leverage the local presence and expertise of K-Vision to build its network services business in Japan. In the near term, Tech Mahindra will support 4G and 5G network build and roll-out in Japan for large telecom players," the note said.
The deal between Tech Mahindra and K-Vision was signed on Thursday and is expected to close by end of this month.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
