NEW DELHI -- Tech Mahindra, India’s 6th largest software exporter, has been declared as the highest bidder for Satyam at a price of Rs. 58/share, after a global competitive bidding process, which concluded today subject to approval of the Company Law board and other requisite approvals. Satyam’s acquisition marks the entry of Tech Mahindra, which has so far focused on the telecom vertical, into other verticals such as Financial Services, Healthcare, Manufacturing etc.

Mr. Anand Mahindra, Chairman of Tech Mahindra commented, “This is a landmark development for Tech Mahindra and I am delighted that we are the highest bidder for Satyam. The Mahindra Group is known for its good governance and the Tech Mahindra team has demonstrated its outstanding customer centric focus over the last many years, I am sure that Satyam’s customers and employees will welcome this news. Looking forward, we are confident that this will lead to a positive transformation in Satyam’s business.”

Commenting on the business outlook from Satyam perspective, Mr. Vineet Nayyar (Vice Chairman and CEO of Tech Mahindra) said “Satyam has immense experience & diversified geographical presence across different verticals. Satyam’s and Tech Mahindra’s profiles complement each other. After we hear the decision of the company law board, we will work with Satyam’s customers, business partners, employees and other stakeholders to restore confidence in the company and to create a platform for future growth.”

Tech Mahindra was advised in a lead role by Kotak Investment Banking and supported by UBS. P&A Law Offices acted as Indian legal counsel to Tech Mahindra. Jones Day acted as US legal counsel to Tech Mahindra.

Tech Mahindra Ltd.