IBM said on Tuesday it will sell its customer-care outsourcing business to Synnex Corp for $505 million. Synnex will pay $430 million in cash and $75 million in company stock, giving IBM a stake in Synnex, IBM said in a statement.In 2012 the business, which includes contact centers, generated $1.3 billion of revenue, which is over 1.0 percent of IBM's total revenue.IBM said it expects to have a total pre-tax gain on the sale of between $125 million and $175 million.The transaction, which is part of IBM's strategy to sell low-margin businesses, is expected to close in the coming months.
Synnex Corporation provides services to resellers, retailers and original equipment manufacturers (OEMs), in multiple regions around the world. Shares of SNX traded higher by 0.78% or $0.37/share to $47.97. In the past year, the shares have traded as low as $30.70 and as high as $52.53. On average, 218923 shares of SNX exchange hands on a given day and today's volume is recorded at 215906.
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