Paramount Communications Ltd has announced on September 03, 2007, the acquisition of the business of AEI Cables in an all cash deal. AEI Cables has a turnover of approximately GBP 65 million (INR 533 crores).
Elara Capital Plc, a London- based mid-market advisor, was the sole corporate finance adviser to the Company for this transaction. This is Elara Capital''s first cross border transaction involving two listed companies.
Acquisition Synergies
The Company has a strong presence in India and is the key cable player in all infrastructure sectors including power, railways, telecom and industrial projects. AEI Cables is a leading manufacturer of cables solutions to global markets and is a wholly owned subsidiary of the international electronic sensors and components group TT Electronics plc, listed on The London Stock Exchange. Cables are manufactured at the AEI Cables state - of - the - art production facility at Birtley, near Newcastle upon Tyne in the North East of England. Cables supplied to the defence, rail, power and mining sectors are specialist cables manufactured with the proprietary know how of AEI, developed over the last few decades. Also, AEI has world class cutting edge research and development facilities which positions AEI to meet the ever changing demands of customers for these specialist cables.
The acquisition of AEI Cables by the Company will:
a) Make the Company the largest listed Indian company in the cable industry with an annual turnover of over INR 1,100 crores.
b) Significantly strengthen its product range for infrastructure segments such as Railways, Mining & Power and Defense in India and the UK.
c) Enable faster expansion in International Markets such as Far East, Middle East and Africa, where the AEI brand is well established.
d) Access to cuffing edge technical know bow to continue developing new range of products to keep its competitive edge in India and internationally.
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