HP completes EDS acquisition
New Mexico Business Weekly
Hewlett-Packard Co. said Tuesday it completed its $13.9 billion purchase of Electronic Data Systems Corp., the largest acquisition by value in the IT services sector.
With the purchase of Plano, Texas-based EDS (NYSE: EDS), Palo Alto, Calif.-based HP (NYSE:HPQ) said the companies’ collective services businesses, as of the end of each company’s 2007 fiscal year, had annual revenue of more than $38 billion and 210,000 employees operating in more than 80 countries.
HP announced in June it would build a new customer service facility in Rio Rancho employing 1,300.
“This is a historic day for HP and EDS and for the clients we serve,” said Mark Hurd, HP chairman and chief executive. “Independently, each company is a respected industry leader. Together, we are a global leader with the capability to serve our clients — whatever their size, location or sector — with one of the most comprehensive and competitive portfolios in the industry.”
As a business group, EDS, an HP company, will be an outsourcing services provider with the ability to provide entire lifecycle capabilities in health care, government, manufacturing, financial services, energy, transportation, consumer & retail, communications, and media & entertainment. The group is led by Ron Rittenmeyer, president and chief executive officer, who was EDS’ chairman, president and CEO. EDS will remain based in Plano, Texas.
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