Computer services company EDS has announced that it acquired majority stake in MphasiS BFL Ltd., an outsourcing services company based in Bangalore.
EDS said more than the required 83 million shares of MphasiS have been tendered in response to EDS' conditional open offer of Rupees 204.5 per share, which closed on June 5. Total consideration for the transaction that gives EDS a majority stake in MphasiS is about USD 380 million cash. The transaction is expected to be completed by the end of June, subject to administrative settlement procedures.
The purchase gives 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-focused sales channel.
MphasiS will continue to operate with its current management team and company name following completion of the transaction. Jerry Rao will continue in his current capacity as CEO of MphasiS.
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