UK based BPO major; Xchanging Plc would acquire about 75 percent stakes in Cambridge Solutions at 83 million pounds. Cambridge Solutions is a Bangalore-based firm which provides IT and ITES services. Xchanging would pay Rs 3.71 million in cash and issue shares for remaining amount. 

Xchanging Plc is currently acquiring the stake of the majority shareholders in Cambridge. The Economic Times had already disclosed the deal in its July 1, 2008 edition.

A key shareholder, Ramesh Vangal of Katara Group said he is happy with the entry of Xchanging in the country. The deal would strengthen its position in US, Australia and India by creating a world class BPO.

The shares of Cambridge Solutions have been valued at around Rs 918 crore and it had registered a total revenue of Rs 1236.32 crore for financial year 2008 and suffered a net loss of 8.79 crore.

Xchanging registered revenue of £468.2 million for 2007. 

Ramesh Vangal of Katara Group had tried to complete the acquisition with the help of private equity major Carlyle. But after the opposition of some promoters the deal had failed to take place.