Wipro to Acquire Citi Technology Services Ltd. (India)

Wipro Technologies, the global IT services business of Wipro Ltd., and Citigroup Inc. said that they have reached an agreement for Wipro to acquire Citi Technology Services Ltd., the India-based provider of information technology services and solutions to Citi entities worldwide, for an all cash consideration of $127 million. As part of the transaction, Wipro and Citi will sign a master services agreement for the delivery of technology infrastructure services and application development and maintenance services for a period of six years. The agreement provides for the delivery of at least $500 million in service revenue over the period of the contract. The transaction is expected to be closed by March 2009, subject to customary closing conditions and regulatory approvals.