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UK headquartered Xchanging Plc, has announced its plans to acquire 75% stake in the Bangalore-based IT/ITES firm Cambridge Solutions.
So far the deal has been pegged as a cash-cum-share deal valued at 83 million pounds (around Rs 689 crore). Meanwhile, under regulatory compliance, Xchanging would make an open offer to acquire up to 20 per cent stake in Cambridge.
The INR 689 crore deal will include INR 371.2 crore in cash and the issue of 15,249,998 New Xchanging Shares. The New Xchanging shares amount to 7% of the company’s current issued ordinary share capital.
The company has made an open offer as it would reduce the number of shares to be acquired from the majority shareholders who have agreed to sell 75 per cent shareholding thus ensuring that Xchanging’s stake did not exceed 75 per cent.
The market watchers state that current valuation of Cambridge Solutions seems to be on the lower side as it has been valued at around Rs 918 crore, while it reported consolidated revenue of Rs 1236.32 crore for FY08 with a net loss of Rs 8.79 crore. Shalini/ITVoir Network |
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