Back-office firm WNS (Holdings) Ltd has acquired insurer Aviva's BPO in India and Sri Lanka for $230 million, the Economic Times said on Thursday, without citing sources.
Mumbai-based WNS is expected to make an announcement on Thursday, the newspaper said.
The acquisition of Aviva Global Services will give WNS $1 billion worth of outsourced work committed to Aviva over an eight-year period, the paper said.
A spokesman for WNS called the report “speculative”.
WNS will fund the buyout through a $200 million line of credit from ICICI Bank , with buyout firm Warburg Pincus , which owns a majority stake in WNS, contributing around $30 million, the paper said.
WNS, which draws about half its business from British and European operations, in April acquired a British auto insurance claims-processing services provider, Call 24/7 Ltd.(Reuters)