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Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today
Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today
Rounak JainDec 23, 2020, 12:02 IST
Wipro has announced a buyback program worth ₹9,500 croreWipro
Wipro has announced a share buyback offer worth ₹9,500 crore, with the buyback price fixed at ₹400.
This is at a premium of 10% when compared to the share price on December 22.
In addition to this, the IT services giant has also announced a deal with German food services firm Metro AG, valued at $700 million.IT services giant Wipro has announced a share buyback offer at a 10% premium when compared to the closing price yesterday (December 22). This has already led to a jump in the stock price - Wipro was up by 3% in the first hour of trading today.
(File photo)
BENGALURU: Wipro has won one of its largest deals under its new CEO Thierry Delaporte. The Bengaluru-based firm has signed a deal with German retailer Metro, which analysts estimate has a value of $700 million over five years, and has the potential to go up to $1 billion over the following four years.
Wipro will deliver a complete technology, engineering and solutions transformation programme for Metro as it positions itself as a wholesale 360-degree provider in the hotel, restaurant and catering food industry fuelled by quality, focus and flexibility.
Wipro will take over the IT units of Metro Metronom in Germany and Metro Systems Romania to simplify and streamline business while focusing on serving the wholesale food sector. More than 1,300 employees across Germany, Romania and India will transfer to Wipro.
INDIA New England News
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Bengaluru– Global software major Wipro on Tuesday announced that its is taking over the IT operations of German food services firm Metro AG in a $700 million (Rs 5,171 crore) deal.
“As a part of the transaction, Wipro will take over the IT units of Metro AG – Metro-Nom – in Germany and Metro Systems in Romania,” said the city-based IT firm in a statement.
The deal value for the first five years is worth $700 million, with a potential to go up to $1 billion if extended by another four years.
The takeover is expected to close by April 30, 2021. The transaction was assisted by the global strategy consulting firm EY-Parthenon.
By siliconindia | Wednesday, 23 December 2020, 04:25 Hrs Global software major Wipro on Tuesday announced that it is taking over the IT operations of German food services firm Metro AG in a $700 million (Rs 5,171 crore) deal. As a part of the transaction, Wipro will take over the IT units of Metro AG - Metro-Nom - in Germany and Metro Systems in Romania, said the city-based IT firm in a statement. The deal value for the first five years is worth $700 million, with a potential to go up to $1 billion if extended by another four years. The takeover is expected to close by April 30, 2021. The transaction was assisted by the global strategy consulting firm EY-Parthenon.