Mergers and Acquistions News
Categories: IT Services & Consulting, BPO
November 3rd 2010, 9:55AM
Brazil's Stefanini International Holdings has acquired TechTeam Global, a business process outsourcing firm, for approximately $93.4 million (£58.3 million).
Stefanini, through a US subsidiary, will buy all of TechTeam's common shares for $8.35 each, a premium of 16.8 per cent on Monday's closing stock figure.
TechTeam said the deal would allow it to increase its international IT infrastructure operations.
"The TechTeam Board believes that this transaction, following the sale of the Government Solutions business in September, is in the best interest of our shareholders. This outcome could not have been achieved without the driven commitment of a strong management team," Seth Hamot, chairman of the board of directors, said.
The tender offer is scheduled to commence within ten business days and is expected to close during the fourth quarter of 2010.
Earlier this month, TechTeam signalled its European expansion plans when it announced the relocation of its Romanian production facility to a larger site.
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