EDS acquires majority stake in MphasiS

Bangalore, June 8 (UNI) Technology Services Provider, EDS, has acquired a majority of the stake of the city-based MphasiS BFL Limited, a leading applicatations and business process outsourcing company.

Announcing this at a press conference here today, EDS Chairman and Chief Executive Officer Mike Jordan said more than the required 83 million shares of MphasiS had been tendered in response to EDS' conditional open offer of Rs 204.5 per share which closed on June five. The total consideration for the transaction that gave EDS a majority stake in MphasiS was about 380 million Dollars.

The transaction was expected to be completed by the month-end, he added.

He said ''The acqisition will not only bolster our current delivery capabilities in priority growth areas, but also allow EDS to deliver a stronger value proposition to better align with clients' changing needs. The acqisition also gives us access to a world class management team, a global talent pool and marquee clients.'' MphasiS Chairman and CEO Jerry Rao 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.'' The purchase, one of the largest in the Indian IT services, gave EDS access to 11,000 India-based employees skilled in advanced applications development, emerging technologies, BPO, CRM services, and an applications development and business process services-focussed salaries channel, he added.

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