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EDS Acquired By HP In $13.9B Deal

Palo Alto, California-based computer firm HP said this morning that it has agreed to pay $13.9 billion in cash for Plano-based IT outsourcing provider EDS. HP said it would pay $25.00 per share in cash for EDS, in a deal which would double the firm's services businesses from $16.6 billion in revenues to more than $38B and 210,000 employees. According to HP, the firm will create a new branded unit called EDS - an HP company, which will continue to be based out of the EDS offices in Plano. The deal is expected to close in the second half of the year.