HP (HPQ) Confirms Deal To Acquire EDS (EDS) for $25/Share
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HP (NYSE: HPQ) and EDS (NYSE: EDS) signed a definitive agreement under which HP will purchase EDS at a price of $25.00 per share, or an enterprise value of approximately $13.9 billion.
The transaction is expected to close in the second half of calendar year 2008 and to more than double HP's services revenue, which amounted to $16.6 billion in fiscal 2007. The companies' collective services businesses, as of the end of each company's 2007 fiscal year, had annual revenues of more than $38 billion and 210,000 employees, doing business in more than 80 countries.
Shares of EDS closed at $24 yesterday, up 28% on the session on reports of such a deal.
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