AZB & Partners advise HCL Infosystems in the sale of its Singapore subsidiary to PCCW
HCL Infosystems Ltd. decided to sell its Singapore subsidiary HCL Insys Pte. Ltd. to PCCW Solutions Ltd. which is a Hong Kong-based company as part of its efforts to monetise its business and reduce debt obligations.The deal value is linked to the enterprise value of HCL Insys, which was SGD 42 million (2.2 Billion INR or USD 30.3 Million) on a debt- and cash-free basis.The deal was set out...
HCL Infosystems Ltd. decided to sell its Singapore subsidiary HCL Insys Pte. Ltd. to PCCW Solutions Ltd. which is a Hong Kong-based company as part of its efforts to monetise its business and reduce debt obligations.
The deal value is linked to the enterprise value of HCL Insys, which was SGD 42 million (2.2 Billion INR or USD 30.3 Million) on a debt- and cash-free basis.
The deal was set out to exclude the Carve Out Businesses i.e., HCL Insys Pte. Ltd’s trading business in Singapore and Nurture Technologies FZE, which holds residual assets relating to HCL’s Middle East operations.
HCL Insys has a headcount of around 600 in Singapore. It provides IT services inter alia in the computing, storage, networking and security segments.
PCCW Solutions Limited is a leading IT services provider in Hong Kong and has 11 offices across Asia. The company holds interests in telecommunications, media, IT solutions, property development and investment, and other businesses.
Siddharth Sawhney, Harsh Kabra and Srishti Goyal and partner Vinati Kastia from AZB & Partners advised HCL Infosystems on this deal.