New owner of Satyam
Satyam, the technology company at the center of India’s biggest fraud, was headed for a quick sale Monday to an Indian conglomerate, marking the conclusion of a saga that shook the reputation of India as an emerging corporate power.
Tech Mahindra outbid W.L. Ross & Co., the U.S. private-equity firm , and Larsen & Toubro, an Indian engineering and construction conglomerate, to win a 31% stake in Satyam valued at $351 million. It will purchase an additional 20% soon at the same price per share. Its bid valued the company at about $1.1 billion.
The deal transforms Tech Mahindra into a new global force in the technology-outsourcing industry, which as a sector in India employs about two million people directly and another six million indirectly.
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