Tata Communications (Netherlands) acquires 100% equity stake in USA's Switch Enterprises
The company expects the acquisition to provide a direct upsell opportunity for its offerings in Europe and North America.
(Netherlands), a wholly-owned indirect subsidiary of Tata Communications, has acquired 100% equity stake in Switch Enterprises (USA) in cash.
Tata Communications will acquire the assets of the subsidiaries of Switch Enterprises, LLC, based out of Canada, the United States of America, and the United Kingdom, through its wholly-owned subsidiaries, the company said in a stock exchange filing.
"Acquisition of Switch will provide direct upsell opportunity for Tata Communications' offerings, which will drive incremental expansion of Tata Communications’ video connect business as well as expand our leading presence in the media ecosystems in Europe and North America," said the company.
Founded in 1990, Switch is a managed services provider for live production and video transmission. It produces and delivers live content to any outlet including linear, on-demand, and streaming platforms across fibre, satellite, or internet. It reported a consolidated revenue of $81.6 million for the year ended December 31, 2021.
The acquisition is expected to be completed in 4-6 months, or as soon as possible thereafter, subject to fulfilment of customary legal requirements. The transaction is also subject to the approval of the Committee on Foreign Investment in the United States and, if applicable, approval of the transfer of the KU Band satellite licence from the Federal Communications Commission, said the stock exchange filing.
Edited by Swetha Kannan