Atos to buy Syntel for about $3.57B
Sullivan & Cromwell Partner Frank Aquila discusses his outlook for business deals in 2018.
(Reuters) - French technology services company Atos SE agreed to acquire Michigan-based Syntel Inc in an all-cash transaction valued at about $3.57 billion, including net debt, the companies said on Sunday.
Atos will pay $41 per share, which represents a premium of 4.78 percent to Syntel's closing price of $39.13 on Friday.
The deal, which is subject to regulatory approval, was unanimously approved by Syntel's board of directors, the companies said in a joint statement.
Syntel is a 38-year-old information technology company with 23,000 employees.
Syntel Chief Executive Rakesh Khanna will become a member of Atos' executive committee.
Syntel is expected on Thursday to report second-quarter revenue of $249.7 million and earnings per diluted share of $0.49, the company said.
(Reporting by Elizabeth Dilts in New York; Additional reporting by Rama Venkat Raman in Bengaluru; Editing by Sandra Maler and Peter Cooney)