Flextronics to take full control of Hughes Software

By agencies   |   Wednesday, 04 May 2005, 19:30 IST
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MUMBAI:The world’s largest contract electronic manufacturer, Flextronics International Ltd., will buy out the remaining holding in Hughes Software for $137 million, the company said. The Nasdaq listed company bought 69.7 percent share in the mid-sized software services provider Hughes Software Systems last year and renamed it Flextronics Software Services Ltd. The Singapore based company will pay $137 million or (597 crore) for the remaining stock, the company said in a statement on Wednesday. “Completion of this transaction will enhance our operating flexibility," Michael Marks, Chief Executive Officer, Flextronics International, said in the statement. "If we find that the ultimate terms of this proposal are not acceptable to Flextronics, we will examine alternative strategies for our Indian operations."