US-based Arrow Electronics is acquiring eInfochips, a product engineering and software R&D services company, for Rs 1,800 crore, people privy to the matter told ET.
A formal announcement on the deal is expected soon. eInfochips was planning to hold a press conference in Ahmedabad on Tuesday, but it has now been postponed.
ET reported first on December 30 that eInfochips was to be acquired by Arrow Electronics for Rs 1,500-Rs 1,800 crore and as a part of the pay-out, about 350 employees of the Ahmedabad based company would get Rs 1 crore each for their ESOP holdings.
Avendus was the adviser in the transaction. Last week, sources from Ahmedabad-based venture fund GVFL, which holds an around 5% stake in eInfochips, confirmed that a deal had been stuck, but added that it had not received any official communication on that until then.
