Headlines:
Infosys Buying Citi's Stake in Progeon TSYS Board OKs Buyback of 2M Shares Hawaii's American Savings Joins NYCE
Infosys Buying Citi's Stake in Progeon
Infosys Technologies Ltd., one of India's largest technology companies, is planning to buy Citigroup Inc.'s 23% stake in Progeon Ltd. for $115.1 million. The deal was announced Thursday. Infosys, which owns the rest of Progeon, said it expects to complete the purchase by July.
Infosys launched Progeon in 2002 to provide business process outsourcing to global companies. Citi paid $20 million at that time for the 23% stake. The transaction would be Citi's second sale of Indian holdings in less than a year. In November it sold its 43% stake in the core processing software maker i-flex solutions ltd. to Oracle Corp. of Redwood City, Calif., for $593 million in cash.
Infosys, Progeon, and i-flex are based in Bangalore.
TSYS Board OKs Buyback of 2M Shares
Total System Services Inc.'s board has approved a plan to buy back 2 million of its shares.
The Columbus, Ga., transaction processor, which is majority owned by Synovus Financial Corp., said Thursday that it plans to buy back the shares - slightly more than 5% of its outstanding stock, excluding Synovus' 80% stake - over the next two years.
TSYS would pay about $40 million at current prices. Its shares rose 2.9% Thursday morning, to $20.24.
Hawaii's American Savings Joins NYCE
American Savings Bank, a Honolulu unit of Hawaiian Electric Industries Inc., has joined Metavante Corp.'s NYCE debit network.
Metavante, which was already providing a variety of services to American Savings, including core processing, branch automation, online banking and bill payment, and trust services, announced the deal Wednesday.
The $6.9 billion-asset American Savings is Hawaii's third-largest financial institution. Metavante, the technology subsidiary of the Milwaukee banking company Marshall & Ilsley Corp., acquired NYCE Corp. of Montvale, N.J., in 2004 from First Data Corp. and four large banking companies.
