Essar Group Completes AGC Networks Acquisition
AGC Networks will function independently.
The Shashi Ruia-led diversified Essar Group, today said it has successfully completed the acquisition of AGC Networks, including closure of the offer representing 20 per cent of AGC Networks’ outstanding shares.
The total deal-size was USD 61.4-million and Essar's stake in AGC Networks presently stands at 79.13 per cent.
Following the successful closure of the transaction, AGC Networks will function independently. AGC's board has been reconstituted with Ayaya's representatives stepping down, and S K Jha taking charge as the Managing Director along with its Joint Managing Director, Anil Nair. The current management of AGC is expected to continue to spearhead the business. Earlier in May, Essar had announced the acquisition of Avaya's stake in AGC Networks, which is a leading player in the contact centre, unified communications, and networking space as a solutions integrator.