L&T Technology Services Ltd. will acquire US-based design services provider Esencia Technologies Inc. for 173.4 crore in an all-cash deal. The acquisition, which also includes Esencia's Indian subsidiary Esencia Technologies India Pvt. Ltd., will help L&T Technology deepen its offerings to global customers. L&T Technology will acquire 100 percent stake, or 11.10 million shares of Esencia, from 18 shareholders. Top five shareholders own 89.18 percent in the company. The amount will be paid in three tranches, with USD 9 million as the upfront payment.
Santa Clara, California-based Esencia provides design services from specification to final product in digital signal processing for communications, video, security, and networking. The company has a team of over 100 application-specific integrated circuit design and semiconductor experts in the Silicon Valley.