India based engineering services company L&T Technology Services Limited (LTTS) has announced its plan to acquire Texas-based Orchestra Technology for $25 million.
In a regulatory filing, L&T Technology said, “L&T Technology Services (LTTS) will acquire the stake in an all-cash deal of $25 million, or about Rs 187 crore, in two tranches of $11 million (Rs 82.6 crore) and $14 million (Rs 105 crore).”
“This acquisition will enable LTTS to strengthen its footprint in the telecom OEM (original equipment manufacturer) and service provider space. Orchestra will help bolster LTTS investments as part of open network forums ONF and TIP across key elements of 5G like ORAN, private networks, narrow brand, IoT,” the filing added.
“The deal is expected to close by December 2020,” the company added.
