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 value 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.
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