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TransWorks acquires Minacs

Staff Correspondent

MUMBAI: TransWorks Information Services Ltd., an Aditya Birla group company, has successfully bid for and acquired Canada-based Minacs Worldwide Inc. through its wholly-owned subsidiary, AV TransWorks Ltd., for a consideration of $125 million.

About 20.86 million common shares of Minacs, representing about 91.08 per cent of the common shares on a fully diluted basis, were tendered to the offer. Following, TransWorks will indirectly own about 91.91 per cent of the issued and outstanding common shares. Since more than 90 per cent of the common shares have been deposited to the offer, TransWorks intends to exercise its rights to acquire the remaining outstanding common shares of Minacs, pursuant to a compulsory acquisition under the existing law in Canada. TransWorks expects to complete the compulsory acquisition as soon as is reasonably practicable and expects the shares to be de-listed from the Toronto Stock Exchange.

TransWorks is a leading BPO delivering superior outsourced solutions to Global 1000 financial services, technology, retail and e-services companies. A wholly-owned subsidiary of the Aditya Birla Nuvo, TransWorks employs over 4,200 staff. The Aditya Birla group has two joint venture companies in Canada, Atholville Pulp Mill and Nackawic Pulp Mill in New Brunswick. In India, the group has a joint venture in financial services with Sun Life of Canada and a joint venture in aluminium business with Alcan.

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