October 30, 2017 - 5:02 AM
VANCOUVER - Telus International has signed a deal to buy Xavient Information Systems, an information technology consulting firm headquartered in California.
Under the agreement, Telus will initially acquire a 65 per cent stake in Xavient with the right to acquire the remaining interest on or before Dec. 31, 2020.
Vancouver-based Telus (TSX:T) says the total price to be paid, including the purchase of the remaining interest, is estimated to be about US$250 million.
Xavient is based in Simi Valley, Calif., and has about 1,800 employees and operations throughout the U.S. and in India.
Its customers are primarily in the telecommunications, media, entertainment, health care, and banking and financial services sectors.
The acquisition is subject to customary closing conditions and regulatory approvals in the United States and India. It is expected to close by the end of the year.
News from © The Canadian Press, 2017