India's Wipro nears to close $110 mln divestiture of its W&COD business

Indian information technology company Wipro Ltd. is nearing to close the divestiture of its Workday & Cornerstone On Demand (W&COD) business for up to $110 million.

Wipro Ltd. has so far sold the W&COD unit in U.S., UK, Ireland, India and certain other countries to U.S. human capital and benefits administration solutions company Alight Solutions LLC. Of the $110 million, $95.27 million has been paid towards the completion of the deal.

The sale of Wipro's W&COD business in Portugal, France and Sweden is likely to be completed during the quarter ending June 30, 2019, subject to completion of requisite regulatory formalities and customary closing conditions.

Upon closure, Wipro will get the remaining payment of $4.73 million from Alight Solutions and its group companies and the balance of $10 million would be a deferred consideration payable at the end of 12 months based on the achievement of performance targets.