Hot off the wire. CSC announced today that they are picking up the service firm First Consulting in an all cash deal.
From the press release:
EL SEGUNDO, Calif., Jan. 14 /PRNewswire-FirstCall/ — Computer Sciences Corporation (NYSE:CSC) today announced that the company has completed its acquisition of First Consulting Group (NASDAQ:FCGI) for $13.00 per share, or approximately $365 million, in an all-cash transaction. The announcement follows approval of the acquisition by the stockholders of FCG at a stockholder meeting Jan. 10.
Approximately 2,500 FCG employees are expected to transition to CSC. Of these, approximately 1,200 will be located in offshore locations, including India and Vietnam. The remainder will be located in the U.S. and Europe.
“This acquisition furthers CSC’s Project Accelerate strategy by enhancing our healthcare expertise and intellectual property and expanding our worldwide delivery capabilities,” said CSC Chairman, President and Chief Executive Officer Michael W. Laphen. “With this action, we significantly strengthen our capabilities and offerings in this key vertical, as well as expand our healthcare presence in the United States, Europe and Asia.”
“We are pleased to announce the completion of this acquisition,” said Larry Ferguson, Chief Executive Officer of FCG. “CSC is a leader in the global IT services industry and will now be an even stronger player in the healthcare technology market. In addition, this transaction delivers significant value to our stockholders and provides FCG employees with new and expanded career opportunities.”
“Combining the respective strengths of FCG and CSC accelerates our healthcare business plan and is a significant step toward our goal of transforming healthcare through the use of information technology,” said Russ Owen, president of CSC’s Americas Commercial Group. “First Consulting Group brings new industry-specific solutions and capabilities that, when combined with CSC’s healthcare industry and technology expertise, will enable us to bring more comprehensive and innovative solutions to the healthcare market.”
Under Project Accelerate, major growth initiatives being undertaken by CSC include: maximizing the potential represented in CSC’s Indian offshore capabilities; developing a robust presence in the emerging midsize outsourcing marketplace; aligning vertical industry activities, such as healthcare, with markets representing the greatest growth potential; enhancing global integration and world sourcing capabilities; and strengthening the company’s position in public sector business.
[tags]CSC, CSC Acquires First Consulting Group, First Consulting Group[/tags]