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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CNTM: