NTT Data to buy Spanish IT firm for about 50 billion yen: Nikkei
(Reuters) - NTT Data Corp (9613.T) will buy Spanish information technology group Everis Spain SLU for about 50 billion yen ($509.45 million) as it tries to expand in Latin America, the Nikkei reported, quoting company sources.
NTT will also assume Everis's debt of about 25 billion yen, valuing the deal at about 75 billion yen, the newspaper said.
Madrid-based Everis, known for systems development geared for Spanish and Portuguese languages, reported revenue of 591 million euros, or 79.78 billion yen, for the year ended March 31, according to the Nikkei.
NTT Data has largely focused on Europe and the United States but is working to drum up business where its presence is thin, such as Latin America, the daily reported.
NTT Data, which has completed more than 20 deals valued at a total of about 250 billion yen since 2005, is looking overseas for acquisition as it battles a slumping domestic market, the Nikkei said.
NTT Data, ranked sixth among global IT services companies with revenue of $13.94 billion, plans to expand its market share and crack into the top five by fiscal 2015, the business daily said.
The company will weigh acquisitions in Asian markets such as the Philippines, Taiwan and South Korea, the daily reported.
($1 = 98.1450 Japanese yen)
(Reporting by Rohit T. K. in Bangalore; Editing by Don Sebastian)
NEW YORK - The Dow and the S&P 500 finished lower for the fourth consecutive session on Wednesday after investors found few reasons to make big moves, with uncertainty remaining over when the Federal Reserve will start to slow its stimulus.
- U.S. small businesses boosted borrowing in October to its highest level in over six years, an index showed on Tuesday, fresh evidence that the budget battle that shut the federal government for 16 days did little to derail underlying economic growth.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.