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[Internet]| Wednesday 27th August 2008 |
HP completes $13.9 billion EDS deal
10:42AM, Wednesday 27th August 2008
HP has completed its $13.9 billion buyout of EDS, closing its biggest acquisition since Compaq in 2002.
The acquisition adds 137,000 new employees to the company's roster and instantly doubles its annual services revenue to $38 billion, as HP moves beyond its traditional computing and printing business.
The merger plan will see HP shift its Technology Solutions Group to EDS oversight, which will remain under the control of current CEO Ron Rittenmeyer.
The companies have also announced that they will retain much of EDS's current management team, though layoffs in other areas are expected as the companies look for greater synergies.
The move allows HP to compete for customers with market leader IBM, which turned over revenues of $54 billion last year.
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