Infosys top Nifty gainer after $1.6 billion Liberty Global deal

The agreement has an initial tenure of five years that can be extended to eight years, which would take the deal value to €2.3 billion ($2.5 billion).

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Infosys was the top gainer in the Nifty pack in morning trade on August 16 after the IT major bagged a €1.5-billion ($1.6 billion) deal from Liberty Global to build and scale the entertainment and connectivity platforms of the digital communications firm.

At 10 am, shares of Infosys were trading 1.30 percent up at Rs 1,411 on the NSE.

Infosys on August 15 announced its third mega agreement this year.

“We are excited to bring Infosys Topaz to enable transformative AI-first capabilities to complement the cloud-first digital foundation we have laid for Liberty Global using Infosys Cobalt…,” Infosys Chief Executive Officer Salil Parekh said in a statement.

Option to extend

Topaz is an AI-first set of services, solutions and platforms that used generative AI technologies.

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The agreement has an initial tenure of five years that can be extended to eight years, which would take the deal value to €2.3 billion ($2.5 billion), the company said in an exchange filing.

JP Morgan, in a note, said the deal is likely to be margin-dilutive, on the lines of past Verizon/Daimler contracts.

Annual revenue from this deal should average $330 million, it added.

The brokerage firm also doesn’t expect a material contribution to FY24, but added the deal could add 70-90 bps to the company’s FY25 growth.

Deal specifics

As part of its deal, Infosys said it will allow Liberty Global, which is a converged video, broadband and communications company, to realise run-rate savings in excess of €100 million per annum inclusive of other savings and technology investments.

Also Read: Infosys wins $1.6-billion deal from Liberty Global

Liberty Global has been Infosys’ client since February 2020. Infosys said it will take over the build and operations of Liberty Global’s Horizon entertainment and connectivity platforms.

This deal comes at a time when the company has slashed its revenue guidance for the current financial year amid a tough macroeconomic environment.

Infosys has also won a $1.5-billion deal from bp and a $454-million from Dankse Bank this year.

Shares of Infosys are down 7 percent on YTD basis, while the 1-year return stands at (-) 11.5 percent.

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