Online edition of India's National Newspaper
Friday, Apr 27, 2007
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Online edition of India's National Newspaper Friday, Apr 27, 2007 ePaper |
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NEW DELHI: U.S. based IT company Computer Sciences Corp. (CSC) will buy rival Covansys for $1.3 billion in an all cash deal and double its staff in India to 14,000. The acquisition increases CSC's India Delivery Capabilities and accelerates Development of Strategic Offshore Offerings, a joint statement of the two companies said. "Computer Sciences Corporation and Covansys Corporation have entered into an agreement under which CSC will acquire Covansys for $34 per share in an all-cash transaction. The transaction is valued at about $1.3 billion, and is expected to be earnings per share neutral to CSC during the first 12 months,'' CSC said in statement. Both companies' operations in India have been ranked among the top ten places to work for IT professionals in India. The acquisition nearly doubles CSC's workforce in India to about 14,000. The Michigan-based Covansys has 6,400 employees in India. — PTI
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