Essar to buy Avaya's AGC Networks

The deal would catapult the Essar Group’s IT and BPO arm Aegis among the top five IT solution providers.

“We have entered into a definitive agreement, under which the Essar Group would acquire Avaya’s entire 59.13 per cent stake in BSE/NSE-listed AGC Networks for Rs 206.19 crore, or Rs 245 a share, subject to regulatory requirements and completion of the open offer,” Essar said. The company will come out with an open offer for an additional 20 per cent stake at a price determined as per the formula specified in the Sebi takeover code.

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