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HCL to acquire DWS

HCL to acquire DWS
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HCL to acquire DWS 

Highlights

HCL Technologies has decided to acquire Australian IT solutions firm DWS Ltd, a move that will help the Indian company strengthen its position in the Australia and New Zealand market

New Delhi: HCL Technologies has decided to acquire Australian IT solutions firm DWS Ltd, a move that will help the Indian company strengthen its position in the Australia and New Zealand market.

In a regulatory filing, HCL Technologies said the total equity value pay-out will be 158.2 million Australian dollars (about Rs 850.33 crore) after considering a total number of shares at 131.83 million on a fully diluted basis.

The shareholders of DWS will also get a dividend of 0.03 Australian dollars per share which was declared by the company in its recent announcement of Annual Corporate Earnings for FY20 (June-end), it added.

"The acquisition of DWS will strongly enhance HCL's contribution to digital initiatives in Australia and New Zealand while strengthening HCL's client portfolio across key industries," HCL said in a statement.

"This acquisition represents an outstanding outcome for all DWS stakeholders: shareholders, employees, clients and other business partners," added Danny Wallis, CEO and Managing Director of DWS.

The acquisition news pushed HCL shares up five per cent in early trade. However, HCL Tech shares erased early gains and closed one per cent lower due to profit-booking.

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