Proximus Group, a Belgian digital services and communication company, said on Monday that it has signed a deal to acquire around 58 percent interest in India's Route Mobile through its unit Proximus Opal.
Route Mobile is an Indian cloud communications platform specialized in CPaaS services with a market capitalization of 1.1 billion euros.
The aqusition also mandates Proximus Opal to make another takeover offer for up to 26 percent of Route Mobile at the same price per share.
Proximus will acquire 57.56 percent of the shares in Route Mobile for an initial Rs 59.224 billion or around 643 billion euros in cash or Rs 1,626.40 per share. The transaction is expected to conclude within the next six to nine month.
Proximus will finance the deal through bridge financing and issuance of a new bond upon closing of the transaction.
The annual run-rate EBITDA synergies realized three years post-closing are expected to be at least 90 million euros, which will be realized by both Route Mobile and Telesign.
Post transaction, the CPaaS activities of the Group will be led by Rajdip Gupta, the CEO of Route Mobile who will continue to execute his current role.
The acquisition will be followed by a reinvestment of circa 299.6 million euros by some of the founding shareholders of Route Mobile for up to 14.5 percent of the shares of Proximus Opal. This reinvestment implicitly values Telesign at 1.4 billion euros. Telesign is Proximus' US-based affiliate.
Over the course of full year 2022-23, Route Mobile realized a total reported revenue of Rs 35.692 billion or 427 million euros, 55 percent revenue CAGR of fiscal year 2020-23.
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