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Willkie Guides EDS in $14 Billion Sale to Hewlett-Packard
The American Lawyer
May 13, 2008
Willkie Farr & Gallagher is advising Electronic Data Systems Corp. in its $13.9 billion merger with tech giant Hewlett-Packard.
The deal, announced Tuesday, will be HP’s biggest since its $20 billion acquisition of Compaq six years ago; it is expected to close by year's end.
The Willkie team includes Serge Benchetrit, Tom Cerabino, Frank Daniele, and Russell Leaf.
Bob Brand, director of corporate public relations for EDS, declined comment on why the company chose Willkie for the deal. Antoinette McGovern, Willkie's chief marketing officer, did not immediately return a call seeking comment.
HP is paying $25 per share for EDS stock, nearly a third more than the company’s listed $18.86 stock price as of closing Friday, according to a statement HP released Tuesday. Cleary Gottlieb Steen & Hamilton advised HP in the deal. The team included Victor Lewkow, Christopher Austin and Benet O'Reilly.
With the acquisition, HP hopes to better position itself to compete globally with IBM in the information-technology services market. The combination of the companies' 210,000 service business employees in 80 countries "will create a leading force in global IT services," HP Chairman and Chief Executive Officer Mark Hurd said in the statement. EDS, founded by Ross Perot in 1962, will become part of a new HP business group called EDS -- an HP company, officials said. The group will be located in EDS' existing Plano, Texas offices. Robert Rittenmeyer, chairman, president and CEO of EDS, will lead the group and report to Hurd, officials said.
