|Global technology services firm EDS has succeeded in its efforts to acquire a majority stake of Bangalore-based applications and business process outsourcing (BPO) services firm Mphasis BFL.|
According to an official release issued by MphasiS to the BSE today, more than the required 83 million shares of the company have been tendered in response to EDS conditional open offer of Rs 204.5 per share (approximately $ 4.50), which closed on June 05. Total consideration for the transaction that gives EDS a majority stake in MphasiS is approximately $ 380 million cash. The transaction is expected to be completed by the end of June, subject to administrative settlement procedures.
Jerry Rao, chairman & CEO of MphasiS said: "We look forward to EDS majority ownership of Mphasis and the expanded opportunities EDS brings to Mphasis employees and clients through its global footprint.
For Mphasis, this means being able to offer our clients infrastructure outsourcing services in addition to our current application services and BPO offerings."
EDS acquires majority stake in MphasiS
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