Wipro buys Amex TRS stake in Spectramind

BANGALORE: Wipro Limited has entered into a definitive agreement to acquire the entire equity holding owned by American Express Travel Related Services Company, Inc. in Spectramind eServices Private Limited, comprising equity shares and warrants, for an aggregate consideration of Rs 17 crore ($3.5 million).

As part of the agreement, Wipro will acquire from American Express Travel Related Services Company, equity shares representing 2 percent of the outstanding equity shares of Spectramind eServices Private Limited, and warrants to purchase equity shares of the company.

These equity shares and rights to purchase equity shares represent approximately 4.5 percent of the equity of Spectramind on a fully diluted basis. On completion of the transaction, Wipro’s aggregate stake in the company will be approximately 92 percent of all outstanding equity shares, which represents 81 percent of the company on a fully diluted basis.

Wipro’s aggregate interest in Spectramind Limited, a limited liability company incorporated under the laws of Bermuda and indirect parent of Spectramind eServices Private Limited, is approximately 89 percent of the company on a fully diluted basis.

However, the closing of the transaction is subject to customary closing conditions and regulatory approvals.