India-based outsourcing services firm WNS Holdings Ltd. on Tuesday, July 8 acquired Aviva Global Services, the offshoring arm of Aviva UK, for $230 million. The Aviva Global Services oversees Aviva UK’s Business Process Offshoring and IT Offshoring operations with the vendor partners in India and Sri Lanka. The WNS Holdings Ltd. had to oust vendors of Aviva such as EXL and 24/7 Customer who too were interested in this deal.     

Under this deal, the WNS will get to acquire the committed $ 1 billion outsourced work over an eight-year period of Aviva’s. A $200 million line of credit from ICICI Bank will help the WNS fund the acquisition, while the 51 per cent stake holder Warburg will provide another $30 million approximately as equity contribution. This acquisition of the WNS Holdings Ltd is amongst the largest buyouts of a foreign captive BPO in India. Through this deal, the nearly 6,500 strong employees working for Aviva Global Services in Bangalore, Pune, Noida, Chennai and Colombo will come under the WNS’s control.