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Tech Mahindra merges with Satyam

The boards of Mahindra Satyam and Tech Mahindra Ltd today announced and approved the merger of the companies. The combined entity will have its headquarters in Mumbai but the name hasn’t been decided yet. The merging with parent Tech Mahindra was decided to create the fifth largest software services exporter by market value and helping it compete with bigger rivals for large scale outsourcing deals. According to the chairman and a few officials of Tech Mahindra, the merger will result in combined revenue of about $2.4 billion and more than 350 clients across geographies and industrial sectors. For Satyam, this definitely has to be a positive move after the collapse that was publicly announced on January 7, 2009. The exchange ratio for the merger was pegged at 2:17 ratio that is two shares of Tech Mahindra to be given for 17 hares of Mahindra. Shareholders will get one share of tech Mahindra for 8.5 shares for Satyam.

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