Infosys eyes European firm; deal pegged at $300mn: Sources

RELATED NEWS Big IT to restart hiring come December IT budgets likely to be flat to slightly lower: Infosys Infosys opens second IT services facility in Mexico Nifty BSE | NSE 28/05/12 Are Mutual Funds betting on Nifty?

India's IT bellwether Infosys Technologies is in talks to acquire a European IT consulting firm, Ciber Novasoft, a deal likely to be valued at USD 200-300 million, sources tell CNBC-TV18.

Ciber Novasaft, which has presence in Europe, Asia and US, has revenues of USD 400 million. Standard Chartered is learnt to be advising Infosys on the deal while JPMorgan and Citibank are advisors to Novasoft. The European firm, sources say, is also expecting other bidders to make offers and the bids are likely to open by March 2010.

Sources add that Infosys also short-listed three other companies in Europe falling under the USD 200-USD 400 million revenue bracket.

Earlier, the Infosys management had told CNBC-TV18 it was scouting for an acquisition in Europe in the consulting vertical and had narrowed down an opportunity.

When contacted, both Infosys and Novasoft refrained from making comment on the news.

Disclaimer:This information is source-based and has not been provided to the stock exchanges.