Mahindra Satyam yesterday announced the signing of a memorandum of understanding for the acquisition of a strategic stake in Dion Global Solution which boasts a portfolio of cutting-edge solutions for the international financial markets.
The company will take a minority stake through a fresh issue of equity shares priced in accordance with the regulations of the Securities Exchange Board of India, which would be subject to regulatory and board approvals and the satisfaction of other closing conditions.
Mahindra Satyam CEO CP Gurnani said they were impressed with Dion's offerings and its ability to partner with clients. He added Dion would become the leading software solutions providers to the capital markets globally. He added that Mahindra Satyam was keen on participating in its promising future.
According to Dion's global CEO, Ralph J Horne, the alliance would help them further expand their solutions capabilities and make inroads to newer markets.
Business Standard quoted an unnamed Mahindra Satyam official as saying that the company would pick up around 15 per cent stake in Dion Global initially, which was expected to increase at a later stage.
In a filing with the BSE yesterday, Mahindra Satyam said the new equity shares would be priced in accordance with the applicable Sebi regulations, and that the transaction would be subject to regulatory and board approvals.