AT&T Divests Stake in Tech Mahindra, Ltd., Will Maintain Business Relationship
Dallas, Texas, April 28, 2010
AT&T* announced today it has divested its holdings in Tech Mahindra Limited. Per the terms of a 2005 agreement, on March 22, 2010, AT&T exercised an option over approximately 9.9 million shares, representing 8.1 percent of Tech Mahindra shares outstanding on that date.
AT&T intends to maintain its vendor relationship with Tech Mahindra, which provides IT services to AT&T. “Our relationship with Tech Mahindra offers strategic advantages to AT&T, and we plan to continue to work with Tech Mahindra to meet AT&T’s information technology needs,” said Thaddeus Arroyo, chief information officer, AT&T.
Terms of AT&T’s contract with Tech Mahindra are not available. On April 27, 2010, AT&T recognized Tech Mahindra with a 2010 AT&T Supplier Award in recognition of Tech Mahindra’s outstanding performance and service to AT&T affiliates during the past year.
*AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.
AT&T Inc. (NYSE:T) is a premier communications holding company. Its subsidiaries and affiliates – AT&T operating companies – are the providers of AT&T services in the United States and around the world. With a powerful array of network resources that includes the nation’s fastest 3G network, AT&T is a leading provider of wireless, Wi-Fi, high speed Internet and voice services. A leader in mobile broadband, AT&T also offers the best wireless coverage worldwide, offering the most wireless phones that work in the most countries. It also offers advanced TV services under the AT&T U-verseSM and AT&T │DIRECTVSM brands. The company’s suite of IP-based business communications services is one of the most advanced in the world. In domestic markets, AT&T Advertising Solutions and AT&T Interactive are known for their leadership in local search and advertising. In 2010, AT&T again ranked among the 50 Most Admired Companies by FORTUNE®magazine.
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