Piramal sells DRG business to Clarivate Analytics for USD 950 mn
Ajay Piramal-led Piramal Enterprises has signed an agreement for sale of its Decision Resources Group (DRG) business to US-headquartered Clarivate Analytics for USD 950 million (over Rs 6,745 crore), and will use the money to reduce debt and to explore organic and inorganic growth opportunities. The transaction is expected to be completed by the end of February 2020, Piramal Enterprises Limited (PEL) said in a statement.
PEL DRG Dutch HoldCo BV, a 100 per cent subsidiary of PEL and the holding company for DRG, has signed a definitive agreement for sale of DRG to Clarivate Analytics for a consideration of USD 950 million, it added. This includes USD 900 million on closing and USD 50 million to be received at the end of 12 months from the date of closing, PEL said.