Wipro to takeover UK’s Equiniti for Rs 9,900 crore

Wipro to takeover UK’s Equiniti for Rs 9,900 crore

Wipro has initiated talks with UK-based outsourcing group Equiniti for a potential takeover that could be valued at about £1 billion (Rs 9,900 crore), two people familiar with the discussions said.
Equiniti, which counts Shell, Marks & Spencer and HSBC among its marquee clients, with an annual turnover of £292.3 million is one of the largest business process outsourcing firms in the UK, are at a very early stage and could go either way, these people said, requesting anonymity as the discussions are confidential. “But yes, Wipro has been talking to Equiniti for at least the past 10 days or so,” one of them said.
If the talks conclude successfully, it will be one of Wipro’s largest acquisitions with Equiniti seeking a valuation of close to £1 billion ($1.55 billion). Purchasing Equiniti will also help Wipro gain access to large FTSE-100 clients in the UK and further bolster its business process outsourcing business, which contributes about 10% to its annual revenue and grew 13.3% in the previous financial year.

The original story was published at Economic Times