US based private equity firm Siris Capital has signed $862m deal to acquire data communications and interoperability application provider TNS.
The transaction, which has been collectively approved by TNS’s board, is expected to close in the first quarter (Q1) of 2013 and following the acquisition the TNS senior management team will continue to lead the firm.
As per the agreement, Siris will pay about $21 for each share owned by TNS.
Founded in 1990, TNS offers secure data networks to credit card firms, payment processors, retailers and telecom firms.
"Our Board is confident that this transaction is in the best interests of our stockholders, customers and employees," said, of the of the.
TNS Board Special Committee chairman Stephen Graham said: "Engaging with Siris will help TNS work toward our goal of transitioning from a legacy network provider to building various value-added data communication applications."
Greenhill & Co is the financial advisor for TNS on the deal, while the financing for Siris will be provided by UBS Securities and Macquarie Capital.
TNS chief executive officer Henry Graham said: "Along with today’s announcement, we will continue our product initiatives that can either help our customers cost-effectively navigate the complexities of network evolution or create new revenue opportunities, while providing the same level of exceptional customer service that we are known for."