Sterlite Technologies Limited (BSE:532374) agreed to acquire Clearcomm Group Limited for approximately £110 million on July 22, 2021. The transaction is structured to be completed in two tranches. The consideration will be paid in cash. Clearcomm will be completely integrated into our Network and System Integration Business. The deal is financed both by a mix of internal accruals as well as debt. Existing founders to continue to be part of the business with an experienced team. 80% will be acquired in the first tranche subject to customary pre-closing conditions. Residual 20% stake will be acquired in 2023. Clearcomm generated revenues of £20 million for the year ended November 30, 2020. Sterlite Technologies Limited acquired 80% stake in Clearcomm Group Limited effective July 27, 2021. Clearcomm directors Stuart Evans and Richard Breffitt, will retain 20% of business and continue managing Clearcomm to support the delivery of the growth plan.

Sandip Khroud and Shantanu Sinha of Hill Dickinson LLP acted as UK legal advisors while Aravind Venugopal of Khaitan & Co. acted as legal advisor to Sterlite Technologies Limited on the transaction. Simon Ward, Jamie Berry and Thomas Hammond of Springboard Corporate Finance LLP acted as financial advisors for the shareholders of Clearcomm Group Limited. Higgs LLp acted as legal advisor for Clearcomm Group.

Sterlite Technologies Limited completed the acquisition Clearcomm Group Limited on February 15, 2024. As a part of closing, the Company now holds 100% shares of Clearcomm. Higgs LLP acted as legal advisor to Clearcomm group.