xchanging-unveils-144-million-india-ma-deal

Xchanging unveils $144 million India M&A deal

The London-listed firm will acquire 75% of Indian outsourcing company Cambridge Solutions in a deal part-financed by Lloyds TSB.

By Sameera Anand

October 07, 2008

London-listed Xchanging will acquire up to 75% of Cambridge Solutions, an India-headquartered business process outsourcing BPO firm and information technology services provider, at an estimated total consideration of around ú83 million $144.5 million. The payment will be split into two parts Rs3.7 billion $77.2 million in cash and an issue of 15.2 million new Xchanging shares.

Xchanging has launched an open offer to acquire up to 20% of the free float of Cambridge Solutions at a price of Rs81.11 per share. Any Cambridge shares acquired via the offer will reduce the number of shares Xchanging will acquire from key Cambridge shareholders with whom it has entered share purchase agreements.

The two firms are already...

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