3i Infotech arm sells US payments unit to Cerberus Capital
3i Infotech Financial Software Inc, a subsidiary of IT services firm 3i Infotech, has signed an agreement to sell its US-based global billing and payments unit to an affiliate of private investment firm Cerberus Capital Management for USD 137 million.
Moneycontrol Bureau
3i Infotech Financial Software Inc, a subsidiary of IT services firm 3i Infotech, has signed an agreement to sell its US-based global billing and payments unit to an affiliate of private investment firm Cerberus Capital Management for USD 137 million.The sale of billing and payments unit includes Regulus group, acquired in 2008, and J&B Software, bought in 2007, 3i Infotech said Monday.The deal is expected to close in next 60 days, it said."The divestment reduces the leverage and strengthens the balance sheet of 3i Infotech," said V Srinivasan, MD and global CEO of 3i Infotech.Separately speaking on CNBC-TV18, Srinivasan said the company would seek to reduce bank borrowings from the cash received in the deal. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
