India's Infosys to buy 75% stake in Telstra unit for $153 million
FILE PHOTO: A logo of Infosys sits outside the company's house on the opening day of the 55th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 20, 2025. REUTERS/Yves Herman/File Photo
Indian IT services company Infosys said on Wednesday that it would take a 75 per cent stake in Versent Group, a wholly owned unit of Australia's Telstra Group, for A$233.3 million ($153 million).
Versent Group provides cloud services to Australian organisations in sectors such as finance, energy, utilities, government and education, Infosys said in a statement.
The deal, which Infosys says will boost its local presence, is expected to close by the second half of fiscal 2026, subject to approvals from Foreign Investment Review Board of Australia and Australian Competition and Consumer Commission.
U.S.-listed shares of Infosys rose after the news and were last up 1.6 per cent at $16.33.
($1 = 1.5279 Australian dollars)
