L&T Infotech, Mindtree Announce Merger; Combined Unit To Be Called "LTIMindtree"
The Boards of Directors of L&T Infotech and Mindtree on Friday approved a merger of the two independently listed information technology (IT) services companies under the Larsen & Toubro (L&T) Group.
"The proposed integration will see L&T Infotech and Mindtree join strengths to create an efficient and scaled-up IT services provider exceeding $3.5 billion. The transaction is subject to shareholder and regulatory approvals," L&T Infotech stated in a release.
The name of the combined entity will be "LTIMindtree", it added.
Once the scheme becomes effective, Mindtree shareholders will get 73 shares of L&T Infotech for every 100 shares of Mindtree, the company further said.
AM Naik, Chairman, L&T Infotech, said, "This merger represents our continued commitment to grow the IT services business in line with our strategic vision. The highly complementary businesses of LTI and Mindtree will make this integration a ‘win-win' proposition for our customers, investors, shareholders, and employees."
L&T will hold 68.73 per cent of L&T Infotech after the merger, the release mentioned.
SN Subrahmanyan, Vice-Chairman, L&T Infotech, said, "We are confident that the proposed merger will help us build on the combined strengths of both these organizations to unlock synergies through scale, cross-vertical expertise, and talent pool. This will help us emerge as a partner of choice for large-scale tech transformations and create a distinctive employee value proposition."
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