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Satyam May Hire Advisors to Seek Buyer, Economic Times Reports

Satyam Computer Services Ltd. plans to hire as many as three investment banks to find a buyer for the Indian software exporter, the Economic Times said, citing unidentified people familiar with the plan.

Satyam’s board is considering hiring Goldman Sachs Group Inc., JPMorgan Chase & Co. and Deutsche Bank AG, the newspaper said today. A decision will probably be made this week, it said.

The software company’s six-member board will also individually call and address concerns at key clients including General Electric Co., Citigroup Inc. and BP Plc, according to the report. Satyam’s directors plan to hold a weekly board meeting and spend time at its headquarters to reassure workers, the newspaper said.

Satyam has hired Egon Zehnder International to help it search for a new chief executive officer, according to the newspaper.

Jan. 19

By Andrea Tan (Source / Courtesy: Bloomberg)