WNS Acquires Partner’s Minority Stake in Philippines JV
November 02 2011 - 7:29AM
Business Wire
WNS (Holdings) Limited (WNS) (NYSE: WNS), a leading provider of
global Business Process Outsourcing (BPO) services, today announced
that it has entered into an agreement with Paxys, Inc., its joint
venture partner in WNS Philippines Inc., to acquire the latter’s
35% stake in the joint venture. Following the acquisition of Paxys’
stake, WNS Philippines has become a 100% wholly-owned indirect
subsidiary of WNS.
The original joint venture agreement was signed in April 2008
and provided for a joint venture term of four years from the
commencement of operations of the joint venture in July 2008. The
parties have mutually agreed to terminate the joint venture
agreement with effect from November 1, 2011, following WNS’s
acquisition of Paxys’ stake for a consideration determined in
accordance with the formula set out in the original joint venture
agreement.
“The Philippines is of strategic importance to us, as part of
our global delivery strategy, and we expect to continue to invest
in the Philippines as we grow our business,” said Keshav R.
Murugesh, Group CEO, WNS. “We have enjoyed a fruitful partnership
with Paxys for over three years and would welcome the opportunity
to work with them again in the future.”
About WNS
WNS (Holdings) Limited (NYSE: WNS), is a leading global business
process outsourcing company. WNS offers business value to
200+ global clients by combining operational excellence with deep
domain expertise in key industry verticals including Travel,
Insurance, Banking and Financial Services, Manufacturing, Retail
and Consumer Packaged Goods, Shipping and Logistics and Healthcare
and Utilities. WNS delivers an entire spectrum of business process
outsourcing services such as finance and accounting, customer care,
technology solutions, research and analytics and industry specific
back office and front office processes. WNS has over 21,000
professionals across 23 delivery centers worldwide including Costa
Rica, India, Philippines, Romania, Sri Lanka and United Kingdom.
For more information, visit www.wns.com.
Safe Harbor Statement under the
provisions of the United States Private Securities Litigation
Reform Act of 1995
This document includes information which may constitute
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
the accuracy of which are necessarily subject to risks,
uncertainties, and assumptions as to future events. Factors that
could cause actual results to differ materially from those
expressed or implied are discussed in our most recent Form 20-F and
other filings with the Securities and Exchange Commission. WNS
undertakes no obligation to update or revise any forward-looking
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or otherwise.
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