Research Engineers to Acquire ISP in India
Software developer Research Engineers Inc. in Yorba Linda said Wednesday it has signed a letter of intent to acquire an Internet service provider in India for $1.4 million in stock.
As part of the deal, Research Engineers said in a press release that it will acquire a license to develop a nationwide network in India.
The company said Interra Global Ltd. of India will sell the business unit in a two-phase transaction. The first phase, to close by March 31, will entitle Research Engineers to 49% of the unit and full management control. Acquisition of 50% is expected by May 31.
Research Engineers will invest $10 million in two phases in equipment and infrastructure as part of obtaining approval for the deal from India’s Ministry of Communications.
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