Competition Commission Of India Sanctions CSC-HPE Merger Deal
Competition Commission sanctioned the proposed merger deal of Computer Sciences Corporation (CSC) with enterprise services segment of Hewlett Packard Enterprise (HPE). The partnership deal will emerge as a pure play IT services companies.
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According to the deal, announced in May, CSC would merge with Everett Spinco - a wholly-owned subsidiary of Hewlett Packard Enterprise (HPE) that holds the enterprise service business.
In a tweet, Competition Commission of India (CCI) said it has approved the “demerger of Enterprise Service Business of HPE into Everett Spinco; the latter to become subsidiary of CSC”.
Post the transaction, CSC and Hewlett Packard Enterprise shareholders would have around 50 per cent stake each in the new entity. “Strategic combination of the two complementary businesses will create one of the world’s largest pure-play IT services companies, uniquely positioned to lead clients on their digital transformations,” CSC said according to NDTV report.
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