Wipro acquires US-based Infocrossing for 600 million US Dollars

Bangalore, Aug 6 (UNI) IT giant Wipro today announced acquisition of Nasdaq listed Infocrossing, a US-based IT infrastructure management company for an all cash deal of 600 million Dollars.

Announcing the acquisition Wipro Chief Financial Officer Suresh Senapathy told newspersons that the two companies had signed a definitive agreement for Wipro to acquire Infocrossing at 17.70 dollars per share. The deal would create one of the world leaders in end-to-end IT infrastructure solutions.

The acquisition would be conducted by means of a tender offer for all the outstanding shares of Infocrossing, followed by a merger of the US firm with a Wipro subsidiary. The tender offer was subject to customary closing conditions including regulatory approvals and was expected to be closed by December end, he said.

For 12 months ended March 31, 2007, Infocrossing had a revenue of 232.4 million dollars and a net income of 9.3 million dollars, he added.

UNI