TNS, Inc. (TNS) to Acquire VeriSign's (VRSN) Communication Services Group for $230 Million; Deal Accretive to 2009 Earnings
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TNS, Inc. (NYSE: TNS) has entered into a definitive agreement with VeriSign, Inc. (Nasdaq: VRSN) to acquire its Communication Services Group ("CSG") for $230 million in cash. The transaction is expected to be accretive to TNS' 2009 earnings upon close.
The boards of directors of both companies have approved the acquisition which is expected to close within the next 60 days, subject to customary regulatory approvals and the successful completion of financing.
The acquisition is planned to be financed through a combination of new financing of up to $250 million and cash on hand. TNS will also be required to amend its 2007 Credit Facility to allow for the acquisition and new financing.
Transaction Network Services (TNS) is an international data communications company that enables payments, money and voices to move around the world. [SM]
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