France's Atos to Buy Syntel for $3.57 Billion, Including Debt

(Bloomberg) -- Atos will acquire all outstanding shares of U.S. information technology company Syntel for cash consideration of $3.4 billion, or $41.00 per share.

• Deal including Syntel’s net debt $3.57 billion
• Price represents a premium of 4.78% over Sytel’s closing price of $39.13 on July 20
• Transaction was unanimously approved by Syntel board based on the unanimous recommendation of a special committee
• Written voting agreements with Syntel shareholders, including founders, to vote in favor of the transaction represent 51% of the outstanding shares
• Parties expect transaction to close during 2H of 2018
• Syntel CEO Rakesh Khanna will become a member of Atos executive committee
• Syntel expects to report revenue of $249.7m and EPS 49C for 2Q
• Atos expects deal to be double-digit accretive to group EPS as early as 2019
• $120 million of annual cost synergies are expected by 2021
• Link to Statements: ATOS: Atos to acquire Syntel, Syntel enters definitive agreement to be acquired by Atos S.E.

©2018 Bloomberg L.P.