The boards of directors of Mindtree and LTI approved a composite scheme of amalgamation of the IT services companies under the Larsen & Toubro Group. The integration will join Mindtree and LTI to create an efficient IT services provider exceeding $3.5 billion. The name of the combined entity will be “LTIMIndtree”.

The combined entity of Mindree and LTI will upscale its portfolio of offerings across verticals. Upon the completion of the partnership, all shareholders of Mindtree will be issued shares of LTI at the ratio of 73 shares of LTI for every 100 shares of Mindtree.

Chairman of Mindtree A.M. Naik said, “This merger represents our continued commitment to grow the IT services business in line with our strategic vision. The highly complementary businesses of Mindtree and LTI will make this integration a ‘win-win’ proposition for our customers, investors, shareholders, and employees.”

KPMG India Services LLP served as financial advisor to Mindtree. JSA (Advocates and Solicitors) acted as legal advisors to Mindtree. Goldman Sachs (India) Securities Private Limited provided fairness opinion to Mindtree on the valuation done by the valuer for the proposed transaction.

Ernst & Young Merchant Banking Services LLP were appointed as valuers by Mindtree.