Sonata buys 50% in German co for euro 18 mn.
Economic Times (New Delhi, India), September, 2006
Sep. 28--MUMBAI, India -- Bangalore-based IT company Sonata Software has acquired a majority stake in the German firm TUI Info Tec. Sonata has acquired 50.1 percent in the Hanover-based company for euro 18 m, to be paid through borrowings and cash.
The Indian IT consultancy and software company has signed an agreement with TUI AG, Europe's leading tourism and shipping group, for acquiring the controlling stake in its subsidiary, TUI InfoTec, which has revenues of e130m and employs 432 people, the company said in a statement on Wednesday.
B Ramaswamy, president & managing director, Sonata Software told ET, "We already have a presence in the UK. But we wanted to have a foothold in the rest of Europe, hence this acquisition. This deal would help us tap...
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