SSI completes

CHENNAI, DEC 12: SSI Ltd has completed its acquisition of AlbionOrion Company LLC (AOC) by issuing 6,38,236 equity shares representing 6,382,360 GDSs on December 11, 2000 in favor of the sellers and by remitting $15 million in cash. The company had earlier remitted $5 million in cash as part of the cash-and-stock acquisition process.

This acquisition was announced by SSI in September this year. The deal was secured by an irrevocable Definitive Purchase Agreement and involved $20 million cash and an issuance of GDS at the SEBI preferential price of around Rs 3,070 per share. SSI GDSs are listed on the London stock exchange.

"The AOC acquisition is an important step forward in integerating our presence in the US," said S Suresh, chairman and CEO, SSI Ltd. "We are working closely with the management of AlbionOrion to realise the potential for growth synergies offered by ACOs Fortune 1000 customer linkages and SSI Technologies offshore delivery capability."

"The promoters and employees of AlbionOrion are excited at the prospect of working with SSI and see tremendous long term value in this association," said Prasad V Polturi, AOC promoter.