Mergers and Acquistions News
Categories: BPO
October 6th 2008, 15:38PM
Xchanging has announced that it has signed an agreement to purchase a 75 per cent stake in business process outsourcing firm Cambridge Solutions for approximately £83 million, it has been reported.
According to Finextra.com, just over half (£45 million) of the transaction will be paid in cash, while the rest will come from the issuing of new shares.
Cambridge Solutions operates in eight different countries, employing in the region of 4,500 people.
Xchanging's chief executive David Andrews suggested the acquisition should help his firm in its attempt to expand its presence in the international business processor market.
"We will be able to offer customers both global reach and a proven track record in business processing and IT," he remarked.
It is thought that the returns from the investment will start to outstrip the cost of the initial transaction in less than two years.
Xchanging announced over the summer that it had signed a three-year deal with food manufacturer Birds Eye.
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