Tech Mahindra Acquires Controlling Stake in Comviva

Tech Mahindra has announced the acquisition of 51% stake on a fully diluted basis in Comviva Technologies, a Bharti Group company for 260 crore. Comviva is a global leader in providing mobile value added services (VAS), mobile money, and mobile payment solutions. As part of this arrangement, Tech Mahindra will make an upfront payment of 125 crore towards the stake acquired and the balance amount of 135 crore will be paid out over a period of 5 years based on Comviva’s achieving performance targets.