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Nxtdigital board gives in-principle nod for digital, media biz to be acquired by Hinduja Global Solutions

Includes broadband, HITS, digital cable TV, content syndication & teleshopping business.

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Mumbai: Nxtdigital Board on Friday accorded in-principle approval for its digital and media businesses comprising broadband, HITS, digital cable television, content syndication & teleshopping to be acquired by Hinduja Global Solutions Limited (HGSL).

The proposed acquisition is subject to all statutory or regulatory approvals and approval of the shareholders.

The move is set to fuel and accelerate Nxtdigital Ltd (NDL)'s planned expansion across the digital ecosystem through synergies with HGS’ strength in digital processing and back-end expertise. "NDL will focus on harnessing the best of emerging technologies, whilst expanding its portfolio of digital solutions across geographies," it said in a statement on Friday.

The proposed acquisition will include the management team, employees, all businesses and technology across the entire media, communications and broadband spectrum.

According to the details available, the proposed acquisition will result in shareholders of NDL receiving shares of HGS as per an independent share swap valuation, subject to applicable regulatory approvals.

The media vertical of the global Hinduja group, Nxtdigital has launched some innovative solutions in the recent past and planned significant expansion in the emerging digital solutions space. "This move will provide much needed synergies, by leveraging the inherent expertise of HGS in the digital back-office and processes space, while allowing the media business to focus on digital expansion. This is also in line with NDL’s vision and mission of being a significant digital platforms company, harnessing the best of emerging technologies, whilst expanding its portfolio of digital solutions across geographies," it said in a statement.

The company said it will appoint independent valuers to carry out the valuation exercise and submit the report including share exchange ratio; besides also appointing other key intermediaries to facilitate the proposed move.

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