AT&T is selling its 7 percent stake in Indian IT services and solutions provider Tech Mahindra to Life Insurance Corp. of India (LIC) for $147 million. LIC will get AT&T’s 7.36 million shares. It now owns a little more than 13 percent of Tech Mahindra after the stock deal.
"Our relationship with Tech Mahindra offers strategic advantages to AT&T, and we plan to continue to work with Tech Mahindra to meet AT&T's information technology needs," AT&T Chief Information Officer Thaddeus Arroyo told the Wall Street Journal.
Tech Mahindra made news last year when it spent $350 million to buy troubled Satyam Computer Services, a company rocked when its CEO was arrested on fraud charges.
On the news, Tech Mahindra stock dropped 4 percent on the Bombay Stock Exchange, while AT&T’s was virtually unchanged.
