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Infosys Technologies Limited (Infosys - Nasdaq: INFY) today announced its agreement with Citicorp International Finance Corporation (“Citi”) to acquire their entire holdings in Progeon Limited (“Progeon”). Under the agreement, Infosys will buy all (23% on a fully diluted basis) of Citi’s holdings in Progeon amounting to 8.75 million shares for a consideration of approximately US$ 115.13 million (approximately Rs. 518 crore, considering an exchange rate of US$ 1 = Rs. 45). The consideration will be paid in cash and the transaction is expected to be completed by July 2006.
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