Wipro acquires US-based Infocrossing for US$600 million

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

Announcing this to newspersons here, Wipro Chief Financial Officer Suresh Senapathy said the two companies had signed a definitive agreement for Wipro to acquire Infocrossing at US Dollar 17.70 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 the year ended March 31, 2007, Infocrossing had a revenue of US Dollar 232.4 million and a net income of US Dollar 9.3 million, he added.

UNI