Tech Mahindra rises on acquiring 70 per cent stake in Perigord Asset Holdings

Tech Mahindra, a leading provider of information technology and business process outsourcing services, announced on Monday that it has acquired a 70 per cent stake in Perigord Asset Holdings Ltd, a creative packaging artwork, labelling & BPO services firm.   

This acquisition will help Tech Mahindra to enhance its expertise in the global pharmaceutical, healthcare, and life science (HLS) sectors. As per the information provided by the company, the cost of acquiring 70 per cent shares are estimated at EUR 21 million, which will be paid upfront in the form of cash while the balance 30 per cent would be acquired over a period of 4 years at a valuation linked to the company’s financial performance.   

The acquisition is a part of Tech Mahindra’s long-term growth plan to build its presence across key markets in Ireland, Germany, USA, and India with enhanced global delivery. This acquisition will strengthen Tech Mahindra’s presence in the artwork and packaging services space along with establishing it as a preferred service provider in the life sciences industry across the digital supply chain.    

The acquired company, Perigord specialises in end-to-end packaging supply chain solutions to the life sciences industry. Headquartered in Dublin (Ireland), it has employed more than 380 employees. Incorporated in the year 2015, the revenue of the company stood at EUR 19.5 million in FY ending on December 31, 2020.    

On Monday at 12.51 pm, the stock price of Tech Mahindra stood at Rs 1,016.30, which was an increase of 1.24 per cent over its previous close of Rs 1,003.90 on BSE.