Infosys Ltd will be buying 75% stake in ABN Amro group NV’s mortgage administration services in a 127.5 million euros ($143.53 million).
As per the deal, Infosys will acquire the 75% stake in NV through its subsidiary Infosys consulting Private Limited and the deal is expected to be over by Q1 FY 2020. Also the other 25% will be owned by ABN Amro.
Infosys has been planning to strengthen its mortgage servicing capacity in Continental Europe and this acquisition is part of the broader plan.
ABN AMRO Group N.V. offers various banking products and services in the Netherlands and internationally. It operates through Commercial Banking, Retail Banking, Private Banking, and Corporate & Institutional Banking segments.
After the announcement, Infosys gained 1.6% by 12.58 pm while broader Mumbai market was 0.58% down