CSC To Acquire Xchanging In Approx. $720 Mln Deal - Quick Facts

(RTTNews) - Computer Sciences Corp. (CSC) and Xchanging Plc. (XCH.L) announced their boards have agreed to terms of a transaction under which CSC, through a UK subsidiary, would acquire Xchanging at a price of 190 pence per share in cash, implying an equity value of 480 million pounds, or approximately $720 million.

CSC said the combination represents an attractive opportunity to combine its global scope in insurance, business process outsourcing and IT services with Xchanging's specific expertise and leading software products that support the commercial insurance industry. In addition to the insurance sector, CSC sees opportunities to leverage Xchanging's capabilities in other areas, such as wealth management outsourcing services and infrastructure and applications.

The Xchanging Board stated that it has withdrawn recommendation for the Capita offer and is now recommending that shareholders accept the Offer from CSC.