Hardware distributor Synnex Corp will acquire IBM Corp's worldwide customer care business process outsourcing operations for $505 million. Shares in Synnex, which said it expects third-quarter revenue at the high end of its forecast, rose 8.4 percent in after-market trade.The acquisition is likely to add about $120 million to earnings before interest, taxes, depreciation and amortization and about 55 cents in earnings per share, excluding one-time charges and integration costs, in the first year after closing, Synnex said in a statement.The IBM operations will be combined with Concentrix, Synnex's global business services division.Synnex will pay IBM about $430 million in cash and $75 million in stock and also enter into a multi-year agreement, the companies said.
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.
Source
