Wipro to buy Singapore company for $144 million
MUMBAI (Reuters) - Wipro Ltd, India's No.3 software services provider, will acquire L.D. Waxson Group, a Singapore-based consumer goods company, in an all-cash deal worth about $144 million, the company said in a statement.
The deal, expected to be completed within 60 days, is valued at 2.1 times the revenue reported by L.D. Waxson during the fiscal year 2011-12, according to the statement issued on Saturday.
L.D. Waxson, which sells skincare and healthcare products in countries including China, Singapore, Malaysia and Hong Kong, will be a part of Wipro's stable of consumer care products.
In November, Wipro decided to hive off its non-IT businesses, including consumer care, medical diagnostics and infrastructure units, into a new unlisted firm, known as Wipro Enterprises Ltd, to focus exclusively on information technology.
(Reporting by Aditi Shah; Editing by Paul Tait)
- Tweet this
- Share this
- Digg this
- Boxer Sarita Devi faces action after refusing medal at Asian Games
- Dallas Ebola patient vomited outside apartment on way to hospital
- Loss of smell may be predictor of death in older adults - study
- Billionaire Detroit business leader says "blight is like a cancer"
- Dallas Ebola patient vomited outside apartment on way to hospital |
India could run out of a critical medicine in its free HIV/AIDS drugs programme in three weeks due to bureaucratic bungling, a senior government official said, leaving more than 150,000 sufferers without life-saving drugs for about a month. Full Article