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Xerox Corp. said Monday it has agreed to buy business process outsourcing firm Affiliated Computer Services Inc. (ACS) -- which has a large Colorado presence -- for $6.4 billion, or $63.11 per share.
Norwalk, Conn.-based Xerox (NYSE: XRX) said in a statement the purchase of Dallas-based ACS will make Xerox a “leading global enterprise for document and business process management.”
The merger gives Xerox an edge and growth into the $150 billion business processing outsourcing market and establishes a $22 billion global enterprise for document technology and business process management, Xerox said.
In the transaction, ACS shareholders will receive $18.60 per share in cash and 4.935 Xerox shares. Xerox also will take over ACS’s $2 billion debt and issue $300 million in convertible stock to ACS Class B shareholders.
“We’re proud of our significant profitable growth over the past 20 years and our ability to manage our clients’ operations with a global infrastructure and workforce,” said Lynn Blodgett, president and chief executive officer, ACS. “We also know that for ACS to expand globally and differentiate our offerings through technology, we need a partner with tremendous brand strength and leading innovation. Xerox offers that and more to bring our business to the next level while strengthening theirs.”
Through the acquisition, Xerox said it will establish annualized cost savings in the range of $300 to $400 million in the first three years after the transaction.
The transaction has been approved by both companies’ boards and is expected to close in the first quarter of 2010. ACS will continue to operate as an independent company and will be marketed under the brand of ACS, a Xerox Co.
ACS employs several hundred workers in the Colorado Springs area and announced plans in June to hire some 600 additional workers for a customer-care center.
ACS has more than 74,000 employees in 100 countries, and 142 customer-care centers.
Posted in: affiliated computer service,xerox
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