HP to buy Plano-based Electronic Data Systems

By: AP
By: AP


SAN FRANCISCO (AP) - Hewlett-Packard has agreed to buy
Plano-based Electronic Data Systems for nearly 12.6 billion
dollars.
The companies today announced their boards unanimously approved
the deal. EDS stockholders would get $25 per share.
The sale should close in the second half of this year. The
combined services business would have 210,000 employees and
operations in more than 80 countries.
California-based HP says the business will be based at EDS
headquarters and led by EDS chairman and CEO Ronald Rittenmeyer.
HP says it expects the deal will produce "significant" cost
savings and add to earnings.
Meanwhile, HP today also announced its fiscal second-quarter
earnings exceeded expectations and the company has raised its
full-year financial targets.
HP did not provide net income or sales figures. Full
second-quarter results will be out on May 20th.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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