NXTDIGITAL board approves sale of digital, media businesses to Hinduja Global Solutions
The company says the move will accelerate its planned expansion across the digital ecosystem
NXTDIGITAL Limited (NDL) board has accorded in-principle approval for the acquisition of its digital and media businesses comprising broadband, HITS, digital cable television, content syndication and teleshopping by Hinduja Global Solutions Limited (HGSL).
In a statement, the company said the move will fuel and accelerate NDL’s planned expansion across the digital ecosystem through optimal synergies with HGS’ strength in digital processing and back-end expertise. NDL will focus on harnessing the best of emerging technologies, whilst expanding its portfolio of digital solutions across geographies.
The proposed acquisition will include the management team, employees, all businesses and technology across the entire media, communications and broadband spectrum. The proposed acquisition will result in shareholders of NDL receiving shares of HGS as per an independent share swap valuation, subject to applicable regulatory approvals. The company will appoint independent valuers to carry out the valuation exercise and submit the report, including share exchange ratio, besides also appointing other key intermediaries to facilitate the proposed move.
NDL, which has been strengthening its leadership position through innovative solutions and advanced technology has planned significant expansion in the emerging digital solutions space. This move will provide much needed synergies by leveraging the inherent expertise of HGS in the digital back-office and processes space, while allowing the media business to focus on digital expansion. This is in line with NDL’s vision and mission of being a significant digital platforms company.
The company has recently rolled out its combo product, comprising up to 700 digital television channels plus 300,000 hours of content on leading OTT platforms and access to broadband, with speeds up to 1,000Mbps. It is also the only platform to receive permission for sharing its HITS infrastructure with other Multi-System Operators (MSOs).
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