| Caritor to buy US-based Keane for $845mn |
| BS Reporter / Bangalore February 8, 2007 |
| Caritor Inc, a $100 million global IT services provider with a predominant presence in India, is acquiring Keane Inc for $845 million in an all cash deal. The transaction will be financed through a combination of equity to be contributed to Caritor by Citigroup Venture Capital International and debt financing that has been committed by Citigroup Global Markets, UBS Securities, and Bank of America Securities. There is no financing condition to the obligation of Caritor to consummate the transaction. Caritor employs a little over 4,000 professionals spread across majorly in Bangalore and Chennai besides having a strong front-end in the US and Europe. Keane is a publicly traded IT and BPO services firm in the US employing around 10,000 people also having a strong delivery presence in India. According to a statement from Caritor, under the terms of the merger agreement, holders of Keane |
