Software major Infosys Technologies on Thursday said it has reached an agreement with Citicorp International Finance Corporation to acquire the latter's stake in its BPO arm Progeon Ltd for $115.13 million (nearly Rs 518 crore) in cash.
Under the agreement, Infosys would buy all Citi's entire 23 per cent stake in Progeon amounting to 8.75 million shares, said Infosys, which holds majority stake in Progeon, a BPO services provider.
The all-cash transaction is expected to be completed by July 2006, the Nasdaq-listed company said in a statement.
Progeon is a leading provider of business process management services to Global 1,000 companies and is among the top 10 third-party BPOs in India, according to Nasscom 2004-2005 rankings.
Progeon had over 7,000 employees as of March 31, 2006.
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