Optotec provides optical interconnect products for telecommunication, FTTH and cloud networks.
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 Rs 148.70 on the back of the acquisition news. At 10:28 am, the shares were trading at Rs 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.
Sterlite Technologies Group CEO, Anand Agarwal said, "As the investments by operators in fibre network infrastructure accelerate to support next-gen services like 5G, FTTH and edge cloud, the combination of STL and Optotec will provide our global customers with an enhanced array of innovative products and technologies".
Optotec is a privately-held company that provides optical interconnect products for telecommunication, FTTH (Fibre to the Home) and cloud networks in Europe.
