The US subsidiary of IT solutions firm, Majesco, has entered into a share purchase agreement to fully acquire Ireland’s Exaxe Holdings for up to €11.61 million (approx Rs 92.90 crore).
Majesco USA has consummated the purchase of 90 per cent of the securities. “Majesco USA has agreed to purchase, and the sellers have agreed to sell to Majesco USA, the remaining 10 per cent of the securities on August 1, 2019,” the company said in a regulatory filing today.
In consideration for purchase of the securities, Majesco USA paid the sellers €6.39 million. In addition, Majesco USA agreed to make an additional payment to the sellers of €0.72 million for the remainder of the securities on August 1, 2019.
Majesco said a deferred consideration payment of up to €4.50 million, based on achievement of adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), will be made for calendar years 2019, 2020 and 2021.
“Accordingly, Exaxe has become a direct subsidiary of Majesco USA, and step-down subsidiary of the company,” it added.
Majesco shares were trading up by 1.41 per cent at Rs 478.05 on the BSE.