Sterlite Technologies To Acquire Italy-Based Optotec; Stock Gains Over 2%

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Sterlite Technologies said that it will acquire Optotec, an optical interconnect products company based in Italy. The deal involves acquisition of 100 per cent of Optotec’s shareholding at an enterprise value of 29 million euros. The shares of Sterlite Technologies gained 2.6 per cent to touch an intra-day high of ₹ 148.70 on the back of the acquisition news. At 10:28 am, the shares were trading at ₹ 146.35, up 1 per cent on the BSE, in line with the Sensex’s gains of 1 per cent.

“STL…today announced the signing of definitive agreements to acquire Optotec S.p.A, a leading optical interconnect products company based in Italy,” Sterlite Technologies said in a regulatory filing to the stock exchanges.

The deal will be financed through a mix of internal accruals and foreign currency debt instruments. The transaction is subjected to regulatory approvals.

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