Tech Mahindra Ltd Acquires Hutchison Whampoa Ltd's Hutchison Global Services Private Limited

Tech Mahindra Ltd announced the acquisition of 100% stake in Hutchison Whampoa Ltd's Hutchison Global Services Private Limited for USD87.1 million, payable upfront. As part of the deal, the clients of Hutchison Global Services have committed to procure services worth USD845 million over a five year period, and have agreed to Hutchison Global Services being their exclusive provider of certain agreed services in India. Kotak Investment Banking acted as the exclusive financial advisor for Tech Mahindra, while Hutchison was advised by Goldman Sachs. Ernst & Young Private Limited and AZB Partners acted as tax and legal advisors respectively for Tech Mahindra, while Khaitan & Co., acted as the legal advisors for Hutchison. Hutchison Global Services Private Limited has become a wholly owned subsidiary of the Company with effect from September 4, 2012.