There is a rumor that WNS holding is preparing an outright acquisition or a strategic merger with one of its arch rivals in India, Firstsource Solutions. India's second largest bank, ICICI Bank holds 26.8% stake in Firstsource. WNS looks aggressive for the deal as wants to buy out ICICI's entire stake and also significant stake from other equity investors.
Though ICICI has declined to comment on the media about the speculation. Just wondering if the ongoing development has anything to do with FirstSource's scaling up in Londonderry, Northern Ireland where it will create 800 new jobs
The local economy will benefit from an additional £10 million in salaries annually, Nigel Dodds, the region's economy minister, said in a statement. "These career opportunities in the financial services and telecom sectors offer local people the chance to gain valuable, transferable skills," said Dodds. The investment commitment (£6.7 million) by Invest NI, which is Northern Ireland Government's economic development organisation, includes £834,000 of training support
FOR the fourth quarter of FY08, it reported a net profit of Rs 34.9 crore, showing a year-on-year drop of 40%, while revenues jumped by 37% to Rs 375.6 crore. Last year, it acquired US firm MedAssist for $330 million, giving it access to the healthcare services segment in that country. Firstsource funded this acquisition mainly through aggressively-priced FCCBs to be redeemed at Rs 92 per share. The Firstsource stock closed at Rs 40.70 on BSE on Monday, down almost 2.75% and giving it a market value of Rs 1,739 crore ($414 million). The counter, whose 52-week high is Rs 89.80, has taken a huge beating in the recent market meltdown. (Economic Times – Mumbai Print edition)
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