Tanla Solutions signed a definitive share purchase agreement to acquire 100% of Karix Mobile (formerly known as mGage India) and its wholly owned subsidiary Unicel from GSO Capital Partners, a Blackstone Company, at an enterprise value  of Rs 3.40 billion.

GSO will receive a cash payment of Rs 1.12 billion. This will be funded from Tanla's internal accruals. Further GSO will be issued Rs 1.25 billion worth of Tanla stock at a price of Rs 56.79 per Equity share. Tanla will take over a Debt of Rs 1.03 billion.

On a fully diluted basis, GSO will own approximately 14.6% in Tanla, Promoters 30.6%, Employees 5.6% and Public shareholding 49.2% on completion of the acquisition. GSO will have an observer seat on Tanla's board.

Uday Reddy, Tanla Solution's Chairman and Managing Director, said, ''Tanla is excited to be partnering with Blackstone as we continue to grow the company. Karix is an ideal strategic fit furthering our stated objective of adding diverse and high value customer base and business, capable technocrats and incremental financial scale. Our combined entity will unarguably be a CloudCommunications behemoth with innovation led offerings in the Digital space for our partners and clients alike.''

Shares of the company gained Rs 2, or 4.93%, to trade at Rs 42.60. The total volume of shares traded was 0 at the BSE (9.02 a.m., Tuesday).