Quess Corp to buy 61% stake in Allsec Technologies

Conneqt Business Solutions, a subsidiary of business services provider Quess Corp, has signed definitive agreements to acquire a 61.35 per cent stake in Allsec Technologies for Rs 271 crore. This will be followed by an open offer for an additional 26 per cent stake in Allsec.

The company will acquire 35.35 per cent from the promoters and 26 per cent from First Carlyle Ventures Mauritius, the company said in a statement.

Following the buy, Conneqt will make an open offer to the public shareholders of Allsec to purchase up to 26 per cent of shareholding. The transaction is conditional to the fulfilment of customary closing conditions and required statutory approvals.

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