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Coforge receives Indian clearance to acquire majority stake in Cigniti Technologies

( June 26, 2024, 00:12 GMT | Official Statement) -- MLex Summary: Global technology company Coforge has received merger clearance to acquire a majority shareholding in the Indian multinational tech company Cigniti Technologies from the Indian antitrust watchdog. The proposed transaction relates to the acquisition of at least 50.21 percent and up to 54 percent of Cigniti by Coforge, the Competition Commission of India said in a statement. Both companies provide information technology and IT-enabled services. However, the parties told the CCI that the transaction will not give rise to any competition concerns. The commission said that a detailed order will follow. Coforge's board of directors approved the acquisition and announced in May that the deal completion is expected in the July-September 2024 quarter. The statement from the Competition Commission of India follows:...

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