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Wipro may buy Citi unit.

Global Banking News-24 December 2008-Wipro may buy Citi unit(C)2008 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 24 December 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

According to Reuters, India-based Wipro Ltd (WIPR.BO), considered to be India's third-ranked outsourcer, has announced that it has agreed to buy Citi Technology Services Ltd, a unit of Citigroup, Inc (NYSE: C).

The deal has been fixed at USD127m in cash, and both companies are to sign a six-year service agreement worth at least USD500m.

The deal is to close on March 2009.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:Dec 24, 2008
Words:119
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