Xtglobal Infotech Signs Term Sheet for IT/ITES Acquisition
Filing Summary
Xtglobal Infotech Ltd has entered into a term sheet for the proposed acquisition of a business in the IT/ITES sector. The target entity operates primarily in the USA and is of moderate scale. The acquisition is not a related party transaction, and the promoter group has no interest in the target entity. The transaction is subject to due diligence, regulatory approvals, and the execution of definitive agreements. The acquisition is expected to be completed within three months, with consideration to be finalized upon completion of due diligence.
Xtglobal Infotech Ltd has announced the signing of a term sheet for the proposed acquisition of a business in the IT/ITES sector. The target entity is primarily based in the USA and is described as being of moderate scale. This disclosure is made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The acquisition is subject to customary conditions, including due diligence and the execution of definitive agreements.
The proposed acquisition does not constitute a Related Party Transaction. The promoter, promoter group, and group companies of Xtglobal Infotech Ltd have no interest in the target entity. The transaction is intended to be conducted at arm’s length. The consideration for the acquisition is expected to be discharged through cash consideration or share swap, subject to the finalization of terms. The cost of acquisition and the price at which the shares will be acquired are currently indicative and will be finalized upon completion of due diligence.
The target entity operates in the IT/ITES sector. The acquisition aims to support strategic growth, business expansion, and operational synergies. Further details regarding the size and turnover of the target entity are not disclosed due to commercial sensitivity. The acquisition is intended to enhance Xtglobal Infotech Ltd’s overall business profile.
The proposed acquisition will be subject to receipt of statutory, regulatory, and governmental approvals as applicable. The acquisition is expected to be completed within approximately three months, contingent upon the completion of due diligence and the execution of definitive agreements. The company will make further disclosures as required upon the execution of definitive agreements and/or completion of the transaction.
Xtglobal Infotech Ltd is engaged in providing IT services and solutions. The company focuses on strategic growth and business expansion in the technology sector. It aims to enhance its service offerings and operational capabilities through strategic acquisitions and partnerships.