| he deal is the largest overseas buy in the IT space |
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| Wipro Ltd, the country’s third largest software exporter, today achieved the distinction of making the largest overseas acquisition in the information technology (IT) space when it announced the acquisition of US-based, Nasdaq-listed outsourcing firm Infocrossing for approximately $600 million (around Rs 2,430 crore) in an all-cash deal. |
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The acquisition will be conducted through a tender for all the outstanding shares of Infocrossing, followed by a merger of Infocrossing with a Wipro subsidiary. Institutional members have a majority holding (close to 10 per cent) in the company.
M&A BYTES
Major acquisitions by IT companies | | Date | Target Name | Acquirer Name | Total Value | | 08/06/2007 | Infocrossing Inc | Wipro Ltd | 600.00 | | 07/06/2007 | Unza Holdings
Pte Ltd * | Wipro Ltd | 249.71 | | 1/18/07 | Syndesis Ltd | Subex Azure Ltd | 165.40 | | 2/26/07 | Lason Inc | Hov Services Ltd | 148.00 | | 8/14/06 | Mantas Inc | I-Flex Solutions Ltd | 113.00 | | 2/19/07 | Esys Technologies
Pte Ltd | Tele Data
Informatics Ltd | 105.00 | | 10/31/06 | Tks-Teknosoft Sa | Tata Consultancy
Services Ltd | 80.37 | * Unza is a consumer care company (in $ million)
Source: Bloomberg | |
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Wipro is making an open offer at $18.70 per share, which — if fully subscribed — will cost close to $600 million. Wipro currently has cash reserves of $750 million and expects to close this acquisition by December 2007.
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