Friday, April 27, 2007

CSC to Buy Covansys for $1.3Bn

CSC, a California-headquartered IT services company, has entered into a definitive agreement to buy Covansys, a Michigan-headquartered IT services company, for about USD 1.3 billion in cash. The acquisition is likely to be completed by 2Q 2008. The transaction is approved by the Board of Directors of CSC and Covansys. The directors at Covansys have recommended that the company’s shareholders to approve the acquisition.

The acquisition is also subject to customary approvals, such as expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. CSC’s financial and legal advisors for the transaction were UBS Securities and Gibson Dunn & Crutcher, respectively, while Covansys’s financial and legal advisors were Credit Suisse and Butzel Long, respectively. In addition, special legal advisor for the transaction comprised the Board of Directors of Covansys and Katten Muchin Rosenman (a US-based law firm).

Through the acquisition, CSC will nearly double its Indian headcount to about 14,000 employees, thereby strengthening its position in the Indian market.

1 comment:

Anonymous said...

good work keep it up...

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