HCL Technologies declines 7% on investment in select assets of IBM

The transaction is expected to close by mid-2019, subject to completion of applicable regulatory reviews

Shares of HCL Technologies shed 7  percent intraday Friday after company is going to buy some of IBM software products.

IBM and HCL Technologies announced a definitive agreement under which HCL will acquire select IBM software products for USD 1.8 billion, company said in release.

The transaction is expected to close by mid-2019, subject to completion of applicable regulatory reviews

“The products that we are acquiring are in large growing market areas like Security, Marketing and Commerce which are strategic segments for HCL. Many of these products are well regarded by clients and positioned in the top quadrant by industry analysts,” said C Vijayakumar, President & CEO, HCL Technologies.

The company held a conference call in respect of the announcement made on investment in select assets from IBM.

At 12:12 hrs HCL Technologies was quoting at Rs 950.50, down Rs 61.45, or 6.07 percent on the BSE.

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