AGC Networks completes acquisition of Black Box Corporation

New Delhi, Jan 9 (PTI) AGC Networks Wednesday said one of its wholly-owned subsidiaries has completed the acquisition of US-based Black Box Corporation, a move that will help the Essar group company firm up its presence in international markets, including North America and Latin America.The acquisition will also help add USD 600 million to AGC's revenue, taking the company's combined revenue to over USD 750 million, AGC Networks said in a statement.The combination with Black Box will substantially strengthen AGC's presence and offerings to over 25 countries across six continents and the global headcount will now be over 4,000, it added."In the immediate term, Black Box and its subsidiaries will continue to operate as is. The two companies will together create a unique organisation that has the scale to deliver worldwide technical solutions to the largest and most complex corporations," AGC Networks Executive Director and CEO Sanjeev Verma said.In November last year, Black Box Corporation (which was earlier listed on Nasdaq) had announced signing a definitive merger agreement. Under the pact , AGC Singapore would acquire all the outstanding shares of Black Box for USD 1.08 per share in cash, subject to customary closing conditions and regulatory approvals. After the tender offer, the US subsidiary of AGC Singapore was to acquire all remaining shares of common stock not tendered in the offer for USD 1.08 per share through a second-step merger. "As a result of the earlier tender offer and the subsequent merger, which were completed, Black Box Corporation will become a private company and its shares of common stock will no longer be publicly traded," AGC said in a statement Wednesday.This will result in Black Box Corporation becoming a 100 per cent subsidiary of AGC, it added. PTI SR ANU