Monday, September 28, 2009

Affiliated Computer Services Acquired by Xerox In $6.4 Billion Deal

In a major deal, Xerox, a developer of copiers and other related document management technology said today that it is acquiring Dallas-based Affiliated Computer Services is a deal worth $63.11 per share, or $6.4 billion. According to Xerox and ACS, the cash and stock transaction is worth $18.60 per share in cash, plus 4.935 Xerox shares for each ACS share. Xerox said the buy will accelerate its growth in an expanding market. ACS had $6.5 billion in revenues during fiscal 2009, and will boost Xerox into a $22 billion company. ACS has over 74,000 employees. Xerox was advised by Simpson Thacher & Bartlett LLP, J.P. Morgan, and Blackstone Advisory Partners in the deal. ACS was advised by Cravath, Swaine & Moore LLP and Citigroup Global Markets, with its board being advised by Ropes & Grap LLP and Evercore Partners.