HCL Technologies’ subsidiary, HCL Investments UK, has finalized an agreement with its joint venture partner, State Street International Holdings, to sell its entire 49% stake in their joint venture. The transaction, completed on April 1, 2024, includes the divestment of the stake, termination of related service agreements, and settlement of contractual commitments.
The deal, valued at USD 172.5 million plus the net book value (adjusted for applicable withholding tax) at the completion date, was disclosed in a filing to the Bombay Stock Exchange (BSE).
According to the filing, HCL Investments UK, a wholly-owned subsidiary of HCL Technologies based in the UK, entered into a Memorandum of Understanding with State Street International Holdings to execute the divestment. This divestment involves HCL UK selling its entire equity stake in the joint venture as per the call option exercised by State Street, in line with the agreement established between the parties during the JV’s formation.
