Firstsource Solutions Limited (NSEI:FSL) entered into share purchase agreement to acquire Quintessence Business Solutions & Services Private Limited from Anitha Balasubramanian, N S Ragunathan, T S Giridharan, R Nirmal Kumar for INR 3.3 billion on May 3, 2024. The consideration is on a cash free and debt free basis. Upon completion of the transaction, Quintessence Business Solutions & Services will become a wholly owned subsidiary of Firstsource Solutions Limited and Quintessence Health LLC will become a step-down subsidiary of Firstsource Solutions Limited.

Quintessence Business Solutions & Services reported operating revenues of $14.8 million (approximately INR 0.18 million) for FY 2023-2024. The transaction was approved by the board of directors of Firstsource. The transaction is expected to close by May 15, 2024.

Kapish Mandhyan of Khaitan & Co. advised Firstsource Solutions Limited.