wipro-spends-600-million-on-us-acquisition

Wipro spends $600 million on US acquisition

In an all-cash deal funded by accruals, Wipro acquires US-based Infocrossing, adding significant onshore capabilities and revenue generating opportunities.
Indian information technology company Wipro will buy Nasdaq-listed Infocrossing for up to $600 million. This is the largest information technology acquisition made by an Indian player.

Wipro will pay $18.70 a share in cash to acquire all of Infocrossing's outstanding equity which includes options and convertible preference shares. The price is a premium of around 6% to the last traded share price of Infocrossing and about a 13% premium the six month average share price.

Wipro will delist the company via the tender offer route, in a deal expected to close by the fourth quarter of 2007. The offer will be launched by a special purpose vehicle, a 100% subsidiary of Wipro, which will subsequently...
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