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Sterlite Technologies’ arm to acquire 12.8 percent stake in Israel based ASOCS

Sterlite Technologies’ arm to acquire 12.8 percent stake in Israel based ASOCS

Sterlite Technologies’ arm to acquire 12.8 percent stake in Israel based ASOCS
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By CNBC-TV18 Jan 10, 2020 7:57:53 AM IST (Published)

The privately held company ASOCS is a pioneer in virtual Radio Access Networks (vRAN) and a provider of fully virtualized, NFV-compatible virtual Base Station solutions for Enterprise and Telco-Networks.

Sterlite Technologies Ltd (STL) said its subsidiary has entered into definitive agreements to acquire 12.8 percent stake in Israel-based virtualized Radio Access Network (vRAN) solutions developer ASOCS.

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In an exchange filing on Thursday, the company said, “Sterlite Global Venture (Mauritius) Limited a wholly owned subsidiary of STL, has entered into definitive agreements to acquire 12.8 percent stake (on issued and outstanding basis) in ASOCS, a vRAN technology company based out of Israel.
The privately held company ASOCS is a pioneer in virtual Radio Access Networks (vRAN) and a provider of fully virtualized, NFV-compatible virtual Base Station solutions for Enterprise and Telco-Networks, it added.
“The joint solution of STL and ASOCS will empower Mobile Network Operators to build best in class networks and enable them to build vendor-neutral, autonomous mobile networks using 5G radio, SDN, NFV and AI Technologies,” said Anand Agarwal, Group CEO, Sterlite Technologies.
The cash consideration will be paid in two tranches, one as on date, and one in May 2020.
Acquisition of the shares is done at a mutually agreed pre-money valuation. The said valuation is not disclosed herein due to reasons of confidentiality, the company said.
The investment strengthens the company's offering in the promising and fast growing virtualised radio access space, it added.
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