India, Aug. 26 -- Wednesday, Calian Group Ltd. (CLNFF.PK,CGY.TO) announced an agreement to sell its United States commercial IT business based in Houston, Texas, to Trace3, a technology solutions provider and digital transformation consultancy.
The consideration comprises upfront cash proceeds of approximately C$43 million and the assumption of certain net liabilities totaling approximately C$17 million by the buyer.
The proceeds from the transaction will be directed toward organic growth initiatives and Calian's mergers and acquisition pipeline in its core verticals.
The transaction is expected to close in the company's fourth quarter.
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