Business

Atos confirms $3.57 billion Syntel deal

French technology services company Atos SE confirmed yesterday that it is buying Michigan-based Syntel Inc through an all-cash transaction valued at about $3.57 billion, including net debt.

According to the deal, which is subject to regulatory approval, Atos will pay $41 per share, which represents a premium of 4.78 percent to Syntel’s closing price of $39.13 on Friday. The deal was unanimously approved by Syntel’s board of directors, the companies said in a joint statement.

Syntel is a 38-year-old information technology company with 23,000 employees. Syntel Chief Executive Rakesh Khanna will become a member of Atos’ executive committee.

Syntel is expected on Thursday to report second-quarter revenue of $249.7 million and earnings per diluted share of $0.49, the company said.

Abigale Lormen

Abigale is a Masters in Business Administration by education. After completing her post-graduation, Abigale jumped the journalism bandwagon as a freelance journalist. Soon after that she landed a job of reporter and has been climbing the news industry ladder ever since to reach the post of editor at Business Investor

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