Sterlite Technologies in talks to buy UK firm: report

Sterlite Technologies in talks to buy UK firm: report
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First Published: Tue, Sep 23 2008. 11 57 AM IST
Updated: Tue, Sep 23 2008. 11 57 AM IST
Mumbai: Sterlite Technologies Ltd is in advanced discussions to acquire UK-based cabling company Brand Rex for about $55 million, a newspaper said on Tuesday citing sources.
The acquisition, advised by PricewaterhouseCoopers, could be unveiled about four weeks after completion of formalities, The Economic Times reported.
Sterlite Technologies declined to comment on the report. “As a company policy we do not comment on market speculation or market rumours,” a company spokesman told Reuters.
Sterlite Tech is part of Anil Agarwal’s Sterlite Group, and manufactures optic fibre cables and power conductors.
Brand-Rex provides cabling systems that connect technical equipment in offices and data centres. It was acquired by Murray Capital, the private equity arm of Murray International Holdings in February 2008, information on its website showed.
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First Published: Tue, Sep 23 2008. 11 57 AM IST