Essar Group company AGC Networks Ltd will buy Nasdaq-listed Black Box Corporation for about $16.6 million in cash.
This acquisition will help Mumbai-listed AGC to add over $600 million in annual revenue and about 3,000 team members.
AGC will acquire all 15.4 million shares of US-based technology services provider Black Box for $1.08 a piece. The deal is likely to be completed before the end of 2018.
Sanjeev Verma, Executive Director and CEO of AGC Networks, said, "We have known Black Box for many years and believe that its skilled teams and strong client relations with world-class enterprises and partners will allow us to better serve our global clients. The merger of our two companies will create a unique organization that has the scale to deliver worldwide technical solutions to the largest organizations."