Persistent Systems Establishes German Subsidiary, Acquires Nagarro Stake

Persistent Systems Limited announced the establishment of M/s. Galaxy Germany Holding SE as a wholly-owned subsidiary in Germany, acquired for EUR 135,000. This subsidiary, BidCo, will serve as a strategic vehicle for future M&A opportunities in the European region. Additionally, Persistent, through BidCo, has entered into an agreement to acquire a 21% stake in Nagarro SE, a listed German entity, from its largest shareholder, Lantano Beteiligungen GmbH. This move aims to strengthen Persistent's European footprint and enhance its global IT services platform. The acquisition of Nagarro SE is subject to the satisfaction of certain conditions.