Citigroup arm to buy Ness Technologies for $307 mn

CALIFORNIA, USA: Ness Technologies Inc , an information technology service provider, said it agreed to be acquired by Citigroup's venture capital arm for about $307 million in cash.

As part of the agreement, an affiliate of private equity firm Citi Venture Capital International (CVCI) will pay Ness stockholders $7.75 for each share held.

This represents a 16 percent premium to the stock's closing price on Friday on Nasdaq.

CVCI, which manages $7 billion in equity investments and committed capital, is part of Citigroup's Citi Capital Advisors.