ConnectM (CNTM) Technology Solutions announced it has secured regulatory approval and completed the acquisition of Cambridge Energy Resources Ltd., an India-based Energy-Management-as-a-Service provider. ConnectM said it beat out four other bidders in a competitive process to acquire CER in 2021 for INR 120 million, or $1.4M, which has fair value assessment at INR 240 million, or $2.8M. Since winning the bid in 2021, it took an additional three years to obtain the necessary regulatory approvals, ConnectM said.
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