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BtoB

HP to acquire EDS for $13.9 billion

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Palo Alto, Calif.—HP announced Tuesday that it has agreed to buy EDS for about $13.9 billion. The boards of both companies have unanimously approved the deal, which is expected to close in the second half of this year.

HP plans to establish a new-business group, branded EDS—an HP company, which will be based at EDS’ existing headquarters in Plano, Texas. After the deal closes, EDS will continue to be led by its chairman-president-CEO, Ronald A. Rittenmeyer, who will join HP’s executive council and report to HP Chairman-CEO Mark Hurd.

HP said that acquiring EDS will advance its objective of strengthening its services business.

—Carol Krol

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