India's Nidar Infrastructure Ltd., an artificial intelligence-focused data center, has agreed to go public through a merger with special-purpose acquisition company Cartica Acquisition Corp. in a deal that values Nidar at $2.75 billion.

Nidar merges with Cartica in a $2.75 billion deal : Legal Counsel and Deal Structure

Allen Overy Shearman Sterling, SNG & Partners, and Vale Law are serving as legal counsel to Nidar, while Morrison Foerster LLP, Khaitan & Co., Appleby (Cayman) Ltd., and Appleby are representing Cartica, according to a Monday statement about the deal.

Nidar's Market Position and Services

Nidar provides information technology infrastructure and solutions on an "as-a-service" model to customers worldwide, including enterprises, governments, startups, and small and medium-sized enterprises. The merger positions Nidar to enhance its market presence significantly.

"Nidar is India's leading data center provider for AI and high-performance compute," Sunil Gupta, CEO and co-founder of Nidar, said in a statement. "With our priority access to industry-leading GPUs through our partnership with the world's leader in high-performance compute, together with the added ability to access U.S. capital markets, we are poised to capture long-lasting demand from cloud infrastructure and AI."

Strategic Importance of the Merger

Cartica has been seeking a business combination in the technology space. Following the completion of the merger, Nidar will become a public company, marking a significant milestone for both entities.

"Our partnership with Nidar reflects our belief in the opportunity in technology infrastructure, compute-as-a-service, and India's role in the global technology ecosystem," Suresh Guduru, CEO of Cartica, said in a statement.

Nidar merges with Cartica in a $2.75 billion deal : Listing and Regulatory Approvals

For the deal to close, Nidar must be approved for listing on an exchange chosen by Cartica "in its reasonable discretion and after consultation with Nidar," the statement said. The options include the New York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market, and the NYSE American.

The boards of Nidar and Cartica, along with Nidar’s shareholders, have approved the combination. A target date for its completion was not available. Full legal counsel deal team information was not immediately available.