Competition Commission has cleared IT company HCL Technologies’ equity swap deal to buy the business of GeometricLtd.
Earlier in April, HCL Technologies and Geometric Ltd signed an agreement for the deal. As part of the transaction, HCL would issue 10 shares to shareholders of Geometric for every 43 shares held by them in the company.
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The final deal excludes Geometric’s 58 per cent stake in 3DPLM Software Solutions Ltd – a joint venture with Dassault Systems according to ET report.
It is reported that the trade regulator has merged the remaining undertaking of Geometric with 3DPLM. Dassault is to have 100 per cent stake in the 3DPLM.
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Competition Commission of India (CCI) “approves acquisition by HCL of certain undertakings of Geometric & merger of remaining undertaking of Geometric with 3DPLM,” the watchdog said in a tweet.