TechTeam Global, a provider of information technology outsourcing and business process outsourcing services, has signed a definitive agreement pursuant to which an affiliate of Stefanini International Holdings, will merge with TechTeam Global.
Stefanini International Holdings is a privately held provider of onshore and nearshore IT consulting, integration and development, and outsourcing services.
The company said that the transaction will be accomplished through an all-cash tender offer and second-step merger, for a total value of approximately $93.4m.
Stefanini International Holdings, through a US subsidiary, will make an offer to purchase all outstanding shares of TechTeam Global common stock for $8.35 per share, a 24% premium to TechTeam Global’s average closing stock price over the last three-month period ended 1 November 2010.
TechTeam Global president and CEO Gary Cotshott said they are pleased to be entering into a transaction which supports their strategic plan and the proposed combination will expand the global coverage and broaden the service portfolio of the company.
"It will therefore create significant opportunities for TechTeam Global to address a broader set of needs and deliver enhanced value for our customers," Cotshott said.
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"We are also excited by the long-term growth opportunities expected from the increased stability, scale and flexibility of the combined enterprise."
