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ICICI Direct Report
Larsen and Toubro Infotech Ltd. and Mindtree Ltd. have announced a merger with an all-stock amalgamation of Mindtree with L&T Infotech. The merged company will become the fifth largest IT services company in India with a combined midcap of $18 billion, surpassing Tech Mahindra Ltd.
The combined entity will have revenues of $3.5 billion as on FY22. With a strong presence across geographies and minimal overlapping in terms of vertical mix, the combined entity will have a strong client base of 750 pus clients.
Shareholders of Mindtree will receive 73 shares of L&T Infotech in exchange for 100 shares in Mindtree. We note that that this implies that Mindtree has been valued at down 0.6% lower than Friday's closing (Rs 3374), assuming L&T Infotech's share price (Rs 4593) as base in the swap.
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