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Infosys To Buy 75% Stake In ABN AMRO Unit For $143.5 Million

Infosys will acquire the stake in Stater NV through unit Infosys Consulting and the transaction is expected to close in the first quarter of FY20.

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Infosys To Buy 75% Stake In ABN AMRO Unit For $143.5 Million

Infosys will acquire the stake in Stater NV through unit Infosys Consulting


Infosys, India's second-biggest IT services company, said on Thursday it would buy a 75 per cent stake in ABN AMRO Group NV's mortgage administration services unit for 127.5 million euros ($143.53 million).

Infosys will acquire the stake in Stater NV through unit Infosys Consulting and the transaction is expected to close in the first quarter of fiscal year 2020.

This is in line with Infosys' strategy to strengthen its mortgage servicing capabilities in Continental Europe, the software services company said in a statement.

ABN AMRO will continue to hold the remaining 25 per cent stake in Stater, which operates in the Netherlands, Belgium and Germany.

Infosys shares rose as much as 2.15 per cent to hit an intraday high of Rs 744.70 apiece on the BSE. At 2:10 pm, the Infosys stock traded 1.87 per cent higher on the stock exchange, outperforming the benchmark index Sensex which was up 350.95 points - or 0.92 per cent - at 38,483.83.

($1 = 0.8883 euros)



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