Wipro to acquire additional 20% stake in Aggne Global for $28.5 million

IT services major Wipro Ltd on Monday (June 1) said its step-down subsidiary, Wipro IT Services, LLC, will acquire an additional 20% stake in Aggne Global Inc for $28.5 million, taking its overall shareholding in the company to 80%. The transaction is expected to be completed by June 5, 2026.

"...it is hereby informed that Wipro IT Services, LLC (stepdown subsidiary) will acquire an additional 20% stake in Aggne Global Inc. The said transaction is expected to be completed by June 5, 2026," according to a stock exchange filing.

Wipro said the acquisition consideration is payable in cash and is subject to customary closing adjustments. The company had earlier informed on February 15, 2024, that Wipro Ltd and Wipro IT Services, LLC had acquired a 60% stake in Aggne Global IT Services Private Limited and Aggne Global Inc., respectively, with the transaction completed on February 14, 2024.

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Aggne Global Inc., part of Aggne Group, operates in information technology, consulting and managed services for the Property and Casualty Insurance industry.

Wipro said the additional stake purchase will strengthen its position in the insurance sector, particularly in AI and intellectual property-led transformation services for the Property and Casualty Insurance segment. The company added that no government or regulatory approvals are required for the transaction.

Aggne Group provides AI and intellectual property-driven services aimed at helping insurers transform operations, improve efficiencies and customer experience. Aggne Group reported annual turnover of $18.9 million in FY24, $24.2 million in FY25 and $27.5 million in FY26.

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Wipro said the transaction is not a related party transaction and that the promoter, promoter group and group companies do not have any interest in the entity being acquired.

Shares of Wipro Ltd ended at ₹206.45, up by ₹2.25, or 1.10%, on the BSE.