9th Apr 2009 07:00
Xchanging plc ("Xchanging") completes acquisition of Cambridge Solutions Limited ("Cambridge Solutions")
Further to our announcement of 2 April 2009, Xchanging announces today that it has completed the acquisition of 75% of the fully diluted equity share capital of Cambridge Solutions through its wholly owned subsidiary, Xchanging (Mauritius) Limited (the "Acquisition"). The consideration for the Acquisition comprised INR 3,711 million in cash (equivalent to approximately £48 million (1)) and the issue of 15,249,998 new Xchanging ordinary shares of 5 pence each (2) (the "Xchanging Shares"). Based on the closing share price of 184.5 pence on 8 April 2009, the total consideration is £76 million. In respect of the Xchanging Shares, application has been made to the UK Listing Authority and the London Stock Exchange for admission to the Official List and for trading on the London Stock Exchange with effect from today's date. The Xchanging Shares will rank pari passu in all respects with the existing ordinary share capital of Xchanging.
The Acquisition is consistent with Xchanging's strategic objectives and the dynamics of the BPO market, and represents a significant step in Xchanging's development, delivering a number of unique benefits as more particularly described in the Xchanging Circular, issued on 24 October 2008.
ENQUIRIES
Xchanging plc Tel: 020 7780 6999
David Andrews, Chief Executive Officer
Richard Houghton, Chief Financial Officer
Tulchan Group Tel: 020 7353 4200
David Allchurch
Stephen Malthouse
9th April 2009
(1) Comprises escrow amount used for the cash consideration of the open offer converted at the INR:GBP rate of 82.37:1 (as at 3 October 2008) and cash consideration paid to the major shareholders converted at INR:GBP rate of 72.38:1 (as at 30 March 2009).
(2) The newly issued Xchanging plc shares shall not rank for the dividend which, subject to shareholder approval, is payable on 29 May 2009 to all shareholders on the register of shareholders on the record date of 27 March 2009.
About Xchanging
Xchanging is a fast growing, pure play global business processor with blue chip customers. Xchanging provides complex industry specific processing to the banking and insurance industries as well as procurement, finance and accounting, and human resources services across industries. www.xchanging.com
About Cambridge Solutions
Cambridge Solutions, listed on the Bombay, National, Madras and Ahmedabad stock exchanges in India, is an international BPO and IT Services provider. It has a global presence with offices in eight countries across four continents and has over 4,000 employees.
Cambridge Solutions provides BPO services in three geographic regions (the USA, Australia and India), which act as relatively distinct business units.
Related Shares:
XCH.L