Listed company and product engineering solutions provider, AXISCADES Engineering Technologies has recently closed the initial phase of its acquisition of Bengaluru-based defence electronics firm Mistral Solutions for an aggregate transaction value of Rs 175 crore (approximately $27.24 million) as reported by The Economic Times and VC Circle. AXISCADES will leverage the acquisition and synergies with Mistral to expand its embedded practice and Make-in-India opportunities and have the transaction completed in a phased manner.

Poovayya & Co advised and acted for AXISCADES and the team was led by partners Siddhartha George and Rohan Kumar, along with principal associate Sunita Kamath and associate Pragnya Sridhar.

The Trilegal team advised Mistral Solutions on the transaction, and were represented by partner Kosturi Ghosh, along with senior associate Vallishree Chandra and associate Adhunika Premkumar.

Mistral Solutions, co-founded by Anees Ahmed and Rajeev Ramachandra in 1997, focuses on the Indian defence and aerospace market and provides technology solutions specializing in embedded electronics. It is also reported that the current founders and management team of Mistral will continue to run the operations, post-acquisition.