The Essar Group announced the acquisition of 59.1% stake in AGC Networks (formerly Avaya Globalconnect) from Avaya. The deal is valued at $ 45 million or Rs.206.2 crore.

The acquisition is being done through Essar Services Holdings (ESHL). Essar Capital Finance Private (ECF) along with ESHL.

‘‘Assuming all shares are tendered in the open offer, the total size of the open offer will be approximately Rs 78 crore,’’ said Aparup Sengupta, MD & global CEO, Aegis.

Edelweiss Capital was the sole advisor to the transaction.

Essar will but AGC’s operations and assets in India, Australia and New Zealand.

‘‘Essar in a short span has become a key player in the SI space and would benefit immensely from the depth and width of expertise AGC Networks has. We have a definitive plan to grow this business as we aim for bigger chunks of customer spends,’’ Sengupta said.