Tech Mahindra to buy 70% stake in Perigord Asset Holdings for Rs 182 crore

Tech Mahindra will acquire a 70 per cent stake in Ireland-based Perigord Asset Holdings Ltd for around Rs 182 crore and plans to buy the remaining 30 per cent shareholding over a period of four years.

In a statement on Monday, Tech Mahindra said the acquisition will help in augmenting its expertise in the global pharmaceutical, healthcare and life science sectors.

The company will purchase the 70 per cent stake in the Irish firm upfront for around Rs 182 crore and acquire the remaining shareholding in a phased manner, as per a regulatory filing.

According to the filing, Tech Mahindra will acquire the remaining 30 per cent stake in the company over a period of next four years at a valuation linked to the latter's financial performance.

For the financial year ended December 31, 2020, Perigord had reported revenues of around Rs 170 crore.

Tech Mahindra will also leverage Perigord's expertise and offerings to extend capabilities towards delivering efficiency and automation levers, across sectors including consumer-packaged goods, medical devices and over the counter products to enable growth and scalability in the future, the statement said.

Currently, Perigord has 380 employees.

"Healthcare and Lifesciences (HLS) is a key vertical for Tech Mahindra and this acquisition will expand our footprint globally in these domains.

"Perigord's proprietary platform and expertise in the artwork space and life sciences industry will add significant value to our offerings and capabilities. We welcome Perigord employees into the Tech Mahindra family," Vivek Agarwal, President --- BFSI, HLS and Corporate Development -- at Tech Mahindra said.

The acquisition is a part of Tech Mahindra's long-term growth plan to build presence across key markets in Ireland, Germany, USA, and India with enhanced global delivery.

"Both companies' future ambitions and desires to digitally transform the world of Pharmaceutical packaging services will deliver long term innovative solutions to our clients that will future proof their needs over the next ten years," Alan Leamy, Chief Executive Officer of Perigord Asset Holdings said.

Perigord has a global base of over 400 designers, analysts, and developers spread across Ireland, Germany, USA, and India.