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Wipro Shares Rally On Deal With Metro AG
Shares in Wipro rallied almost 3 per cent, after the company signed a strategic digital and IT deal with Metro AG to take over METRO-NOM GMBH and METRO Systems Romania S.R.L., enabling METRO AG to simplify and streamline business while focusing on serving the wholesale food sector.
Shares in Wipro were last seen trading at Rs 373 on the National Stock Exchange.
"As a part of this transaction, Wipro will take over the IT units of METRO AG - METRO-NOM GMBH in Germany and METRO Systems Romania S.R.L. Through this partnership, more than 1,300 employees across Germany, Romania and India will transfer to Wipro, providing them with new opportunities to advance their careers, access innovation, work with leading digital technologies and adopt new ways of working that enable agility, speed and scale in engineering.
The estimated deal value for the duration of the first 5 years is approximately $700 million. With the intention to extend up to 4 additional years, it can be a potential spend of up to $1 billion," the company said in a release to the exchanges.
Wipro will deliver a complete technology, engineering and solutions transformation program for METRO as it positions itself as a Wholesale 360-degree provider in the hotel, restaurant and catering food industry fuelled by quality, focus and flexibility. Wipro's transformation program will encompass cloud, data center services, workplace and network services, along with application development and operations to provide an integrated, flexible and robust digital infrastructure to help drive METRO's transformation agenda.
