This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here

Tracking global change in IT Infrastructure

Datacloud Nordic 2016

News Archive

Satyam & TechM merge to form US$2.4 billion IT company

The US$14.4-billion Mahindra Group has unveiled the widely anticipated merger of its two IT services firms, Tech Mahindra and Mahindra Satyam, creating a US$2.4-billion entity, which is poised to be India's fifth-largest software outsourcing company by revenue.

As part of the merger, investors will get two Tech Mahindra shares for every 17 shares of Mahindra Satyam. The group will own 26.3% in the combined entity while British Telecom, a strategic partner of the group in Tech Mahindra, will hold 12.8%. Since Tech Mahindra currently holds 42.65% in Mahindra Satyam, 10.4% equity of the new entity that will come in existence because of this cross-holding, post-merger, this equity will be held as treasury stock in a trust, said the management.

Source: Tech Mahindra

Datacloud Nordic 2016

Get the latest Datacentre industry news

Subscribe now to receive your daily news email with insights, worldwide headlines & much more, and it's FREE.

Sign-up today and receive a free detailed overview of the acclaimed "Western Europe Data Centre Market" Report plus unique 25% discount off the full price.