Tata Communications unit to acquire US-based Switch Enterprises for Rs 486 Crore
Tata Communications, a global enabler of digital ecosystems, today announced that it has entered into a definitive agreement to acquire New York-based The Switch Enterprises LLC through its wholly-owned international subsidiary, Tata Communications (Netherlands). The Switch is a global end-to-end provider of live video production and distribution services with reach to major sports venues in North America.
“With this transaction, Tata Communications enters the American media and entertainment market, expands its portfolio into live video production and uniquely positions itself as an end-to-end player in the media ecosystem across the global content development value chain. will do,” the company told the exchange.Under the terms of the agreement, Tata Communications has agreed to acquire his 100% interest in The Switch Enterprises, LLC and a portion of its international assets for approximately US$58.8 million (Rs.4.86 billion) in cash.
“The total purchase consideration payable for acquisition of Switch is USD 58.8 million, or Rs 486.3 crore, subject to customary closing adjustments,” the company said.
