NEW DELHI, Sept 17 (Reuters) - Indian software services
provider Tech Mahindra Ltd is set to announce on
Monday a deal to acquire a majority stake i n mobile phone
software maker Comviva Ltd, three sources with direct knowledge
of the plans said.
The deal is likely to be valued at between $125 million and
$150 million, one of the sources said. All the sources declined
to be named as they were not authorised to speak to the media
before the deal is made public.
Tech Mahindra, which provides IT services to telecoms firms
including BT Group and AT&T, has called a news
conference in New Delhi at 1030 GMT "for a strategic business
announcement", according to an invite sent to the media.
Billionaire Sunil Mittal's Bharti Group, which controls top
telecoms carrier Bharti Airtel, is the biggest
shareholder in Comviva. WestBridge Capital, Sequoia Capital and
Cisco Systems are the other investors in the company.
Bharti Airtel does not own any stake in Comviva.
The three private equity investors are selling their stake
to Tech Mahindra, while Bharti Group is selling part of its
holding in Comviva and does not plan to completely exit the
company, two of the sources said.
Bharti Group and Tech Mahindra declined comment.
Tech Mahindra, a unit of tractor and sports utility vehicles
maker Mahindra & Mahindra, earlier this month agreed
to buy Hutchison Whampoa Ltd's back-office call centre
business in India for $87.1 million.
(Reporting by Sumeet Chatterjee, Devidutta Tripathy and