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Steve's Gadget Blog
UK's Xchanging buys controlling stake in Indian outsourcer
October 06, 2008
At close of business on Friday, UK FTSE-listed services company Xchanging bought a controlling stake in Indian-listed outsourcing firm Cambridge Solutions Limited.
Xchanging is paying £83m for a 75% stake. The combined company said it is expected to be one of the largest business process outsourcing (BPO) firms serving the private sector, with combined revenue of around £600m.
"This offer is a very positive development," said Satyen Patel, vice chairman of Scandent Holdings Mauritius Ltd, which was the majority shareholder of Cambridge Solutions prior to this deal."Cambridge and Xchanging are complementary businesses that together create a global business processing and IT services leader."
"Xchanging brings its history of rapid and sustained growth, proven lean processing capability and a strong European presence," said Patel. "Cambridge brings its international delivery of complex IT and significant scale and capacity in the US, Australia and India."
Standard Chartered Bank was the exclusive financial advisor to Scandent Holdings Mauritius Ltd in the transaction, which is subject to shareholder and regulatory approvals.
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