Tata Communications Ltd. said it has entered into a share purchase agreement through its Singapore-based subsidiary Tata Communications International Pte Ltd. (TCIPL) to acquire the remaining 41.9% equity in Oasis Smart SIM Europe SAS (Oasis), a leading embedded-SIM (eSIM) technology provider.
“The transaction enables TCIPL to gain complete 100% equity shareholding in Oasis Smart SIM Europe enabling Tata Communications to accelerate and augment Tata Communications MOVETM platform roadmap for global markets,” the company said in a statement.
As part of the deal, Tata Communications will buy out the remaining stake from the non-controlling shareholders of Oasis. The acquisition is expected to complete within one month.
Post closing of the transaction, Oasis and its subsidiary will become wholly-owned indirect subsidiaries of Tata Communications. Earlier in December 2020, TCIPL had acquired majority equity stake of 58.1% in Oasis.
Tri Pham, Chief Strategy Officer, Tata Communications said, “Both teams have made tremendous progress and the integration has already helped bring innovative solutions to market.”
“The global eSIM industry is growing exponentially and disrupting the industry. We are accelerating our efforts to empower enterprises and gain a stronghold,” he said. Upon completion of the transaction, Oasis will become a part of the Collaboration and Connected Solutions business unit of Tata Communications.
Oasis develops and provides advanced technologies and personalised services to enable the deployment of eSIM and SIM technologies.
“eSIM is the future of connectivity and it’s driving a paradigm shift in the way we interact with people and machines alike,” said Mysore Madhusudhan, executive VP, Collaboration & Connected Solutions, Tata Communications.
“With billions of devices, managing hyperconnected ecosystems will be the cornerstone of success for enterprises. The acquisition of the remaining stake in Oasis will enable us to accelerate and step up our offerings with game changing solutions globally,” he added.
For all the latest business News Click Here
