Essar to buy Avaya's AGC Networks

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.