Tech Mahindra said it sold its stake in Terra Payment Services (Netherlands) BV and its subsidiaries to Prime V Holding and Partech Africa on a slump sale basis for an upfront payment of $9 million.
Tech Mahindra, which owned Terra Payment Services through its Comviva Technologies subsidiary, said the deal also included a bonus payout of up to $13.8 million subject to meeting certain conditions.
The companies had entered into the deal on September 12, 2019, and the transaction was completed on March 3, Tech Mahindra said in a notice to stock exchanges. The reason for the sale was that Comviva wanted to exit the mobile interoperability platform business, it said.
As on March 31, 2019, Terra Payment Services and its subsidiaries had a turnover of $2.3 million, equal to 0.046% of Tech Mahindra’s.
Source: Economic Times