New Delhi: Tata Communications will acquire New York-based end-to-end live video production company The Switch Enterprises in an all-cash deal for Rs 486 crore, the company said on
Thursday.
With both companies coming together, Tata Communications will support The Switch customers with global reach to over 190 countries and territories and The Switch will bring live production capabilities helping organisations to produce high quality immersive content faster and efficiently, Tata Communications said in a statement.
"Tata Communications (Netherlands) B.V., a wholly-owned indirect subsidiary of Tata Communications Limited, will acquire 100 per cent equity stake of Switch Enterprises, LLC, USA and, as part of the transaction, through its wholly-owned subsidiaries," Tata Communications
said.
The company will acquire the assets of the subsidiaries of Switch Enterprises, LLC based out of Canada, the United States of America and the United Kingdom. Switch Enterprises, LLC, USA, along with its subsidiaries are collectively referred to as
'Switch'.
"The total purchase consideration payable for acquisition of Switch is $58.8 million, or Rs 486.3 crore, subject to customary closing adjustments," Tata Communications
said.