Coforge to acquire AI firm Encora for $2.35 bn in all-stock deal

New Delhi: IT services firm Coforge on Friday said it will acquire 100 per cent stake in Silicon Valley-based AI firm Encora for an enterprise value of $ 2.35 billion (about Rs 21,133 crore). The acquisition will be funded through an all-stock transaction. Coforge will issue preferential shares worth about $ 1.89 billion to Encora’s current shareholders, including private equity giants Advent International and Warburg Pincus. Upon completion, the sellers will hold a 20 per cent stake in the expanded share capital of Coforge. The company has signed a definitive agreement to acquire 100 per cent shares of Encora from Advent International, Coforge said in a regulatory filing.