IT Company with Business in Bulgaria was Bought for $ 2 Billion

Business | January 14, 2019, Monday // 15:41| Views: | Comments: 0
Bulgaria: IT Company with Business in Bulgaria was Bought for $ 2 Billion

DXC Technology (a company of Hewlett Packard Enterprise for IT Services for Corporate Clients united with Computer Sciences Corp.) has signed a final agreement to buy the software developer Luxoft Holding Inc, reports

According to a report from the participants in the deal, a payment of $ 59 per share to Luxoft is planned, which estimates the entire company at about $ 2 billion. Written consent to the acquisition was made by the owners of about 83 percent of Luxoft's shares. This means there is approval of the shareholders for the deal. It is expected to be completed by June 2019. This is also the case with regulatory agreements. After the announcement of the transaction, the quotes for Luxoft shares on the New York Stock Exchange NYSE took off by 82%.

Luxoft retains its brand and will work under the brand "A DXC Technology Company". Chief Executive Officer of the company remains Dmitry Lostinin. DXC consultants on the acquisition were Guggenheim Securities, BofA Merrill Lynch, Latham & Watkins LLP and Harney Westwood & Riegel LP. Luxoft used Credit Suisse, White & Case LLP, Conyers Dill & Pearman to make the deal.

Luxoft Holding is a developer and provider of services in the field of software and innovative solutions in the IT sector with a client base all over the world. Employees of the company are 12.7 thousand people, working in 40 offices in 22 countries of North and West Europe, Asia and South Africa. Luxoft is registered in the British Virgin Islands, the head office of the company is in Zug, Switzerland. For the last four quarters, Luxoft has earned $ 911 million.

The company entered the market in Bulgaria in 2014 with the establishment of the subsidiary company LuXtoft Bulgaria and one of the largest and most rapidly developing in the IT sector in Bulgaria.

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