Tata Communications to acquire US-based Switch Enterprises for ₹486 crore
"Tata Communications (Netherlands) B.V., a wholly-owned indirect subsidiary of Tata Communications Limited, will acquire a 100 per cent equity stake of Switch Enterprises,
The company will acquire the assets of the subsidiaries of Switch Enterprises, LLC based out of Canada, the United States of America and the United Kingdom. Switch Enterprises, LLC, USA, along with its subsidiaries are collectively referred to as 'Switch'.
"The total purchase consideration payable for the acquisition of Switch is USD 58.8 million, or Rs 486.3 crore, subject to customary closing adjustments," the company said.
"Our combined forces of The Switch's strong presence in
"In addition, The Switch production infrastructure as a service model will allow Tata Communications customers to accelerate the adoption of remote production from any event around the world," Tata Communications, Chief Strategy Officer, Tri Pham said.
Acquisition of Switch will provide a direct upsell opportunity for Tata Communications' offerings, which will drive the incremental expansion of Tata Communications' video connect business as well as expand our leading presence in the media ecosystems in Europe and North America.
"As the media industry evolves, The Switch has an ever larger role to play in the future of live sports and entertainment and in helping our customers maximise their lucrative content. With Tata Communications we will accelerate this journey providing stability, investment and vision in support of future growth," The Switch, President and CEO, Eric Cooney said.
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