December 9, 2012 / 8:12 AM / 5 years ago

Wipro to buy Singapore company for $144 million

The Wipro campus is seen in Bangalore June 23, 2009.Punit Paranjpe/Files

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

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