Lilikoi Holdings’ subsidiary acquires 51% stake in Dev IT

AHMEDABAD: LT1, a wholly owned stepdown subsidiary of US-based IT company Lilikoi Holdings Inc, has acquired a controlling 51% stake in Gujarat-based Dev Information Technology (IT) Limited. The latter announced in its stock exchange filing on Tuesday.

Dev IT, a BSE-listed entity whose market cap stood at Rs 336.42 crore, was acquired in an all-cash deal for Rs 300 crore, according to well-placed sources privy to the development. Its. This is the second biggest acquisition deal in Gujarat’s IT ecosystem after eInfochips, which was acquired by US-based Arrow Electronics for Rs 2,000 crore, according to market sources.