Ashok Soota-promoted Happiest Minds Technologies has executed a share purchase agreement to acquire 100% equity interest in Macmillan Learning India, a wholly owned subsidiary of the Macmillan Group, USA, for cash consideration of ₹4.5 crore.
Happiest Minds Technologies will purchase 1,00,000 equity shares of face value of ₹ 1/- each in Macmillan Learning India from its existing shareholders, according to a media release.
The acquisition is expected to be completed by April 30 and on closure of the transaction, Macmillan Learning India will become a wholly owned subsidiary of Happiest Minds Technologies.
Macmillan Learning India offers software development services to the Macmillan Group and has been working as an offshore development centre. During fiscal 2022-23, the company posted a turnover of ₹6.9 crore.
