Tech Mahindra has won its bid to acquire a controlling stake in corruption-struck IT services provider Satyam, it was revealed this weekend.

The company has offered $351 million for a 31% stake, and will purchase a further 20% of company shares for around $225 million.

That bid was confirmed as the highest yesterday, beating rival bids from Indian engineering firm Larsen & Toubro and US private equity firm WL Ross and Co.

Because there was no bid worth at least 90% of Tech Mahindra’s offer, there will be no second round of bidding. The company has revealed that it will be borrowing $440 million to pay for the acquisition.

The offer theoretically gives Satyam a total valuation of around $1 billion. That is significantly greater than its current market capitalisation, but well below its value before the corruption scandal was revealed.

Tech Mahindra is part-owned by BT, which set up the company as a joint venture with Indian automobile manufacturer Mahindra & Mahindra in 1989. It employs around 26,000 people.

It has not yet been revealed whether the Satyam brand will remain.