New Delhi: Competition watchdog CCI on Thursday said it has approved the $3.4 billion acquisition of Syntel by French IT major Atos. Both Atos and Syntel have significant presence in India.
Syntel, which has 23,000 engineers in 30 countries, has over 18,000 staff based in India. Atos employs about 16,000 people in India.
In July this year, Atos had announced the acquisition of American IT firm Syntel in a bid to enhance its footprint, especially in the North American market and accelerate the digital transformation of its customers.
In a tweet, the Competition Commission of India (CCI) said it “approves acquisition of all outstanding shares of Syntel Inc. by Atos S.E."
Following the acquisition, all of Syntel’s management team is expected to join Atos and Syntel CEO Rakesh Khanna will become a member of Atos Executive Committee.
Syntel generated revenues of $924 million in 2017, of which 89% was in North America. About 40% of its revenues are driven by a suite of digital and proprietary solutions around cloud, social media, mobile, analytics, Internet of Things and automation.
(This story has been published from a wire agency feed without modifications to the text)