Zylog to buy Brainhunter for Rs 150 crore
IT services company Zylog Systems will acquire Brainhunter for about 35 million Canadian dollars (about Rs 150 crore). The deal will be closed on February 17 and the acquisition marks Zylog's entry into Canada.
"The total worth of Brainhunter is about 200 million Canadian dollars but the valuation got reduced because it ran into trouble with creditors," said SP Srihari, director and chief financial officer of Zylog. "We have acquired a court order (approving the acquisition) after emerging as the successful bidder. Zylog will directly pay the creditors through the Canadian court, " he added.
According to Brainhunter's website, the company announced on December 2 that it will file for court protection from creditors under the Companies' Creditors Arrangement Act.
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"The total worth of Brainhunter is about 200 million Canadian dollars but the valuation got reduced because it ran into trouble with creditors," said SP Srihari, director and chief financial officer of Zylog. "We have acquired a court order (approving the acquisition) after emerging as the successful bidder. Zylog will directly pay the creditors through the Canadian court, " he added.
According to Brainhunter's website, the company announced on December 2 that it will file for court protection from creditors under the Companies' Creditors Arrangement Act.
To read the full article, click here...
To read the ePaper, visit: http://e.mydigitalfc.com
Labels: brainhunter, canadian dollar, creditors, zylog systems
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12:29 AM
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