Is Infosys buying Mastech's business?
Sam:
Here is something interesting I ran into.
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07-03-2000 17:32:23
For a long time now, the markets have been speculating that Infosys is taking over an American company. No one knows for sure, which company Mr. Narayanmurthy will finally buy. However, according to sources, Infosys is likely to buy out the non-Internet business of the US$360mn Mastech Corporation. Sources added that Infosys decided against buying Sapient or Cambridge.
According to a report, in The Wall Street Journal, Mastech Corp., which supplies technology specialists to medium-sized companies, plans to create nine separate operating companies, each targeted to one aspect of Internet-related services. Each of the nine new companies eventually will be publicly traded, WSJ said, and Mastech itself will be renamed iGate Capital, a holding company linking the smaller companies together. Mastech is reviewing its main non-Internet related businesses, which constitute about 35% of its revenues.
The company is considering a management-led buyout, a combination with another company or an outright sale of that business, The Journal said. Sources point out that this is the business, which Infosys is targeting to buy-out.
Infosys hit the upper circuit again on the Bombay Stock Exchange today and closed at Rs12,790.
-Probity Research |
