HP Completes EDS Buy

HP completes $13.9 billion acquisition of EDS

August 26, 2008

1 Min Read
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PALO ALTO, Calif. -- HP today announced that it has completed itsacquisition of Electronic Data Systems Corporation (EDS), creating a leading force intechnology services.With this acquisition, initially announced on May 13 and valued at an enterprise valueof approximately $13.9 billion, HP has one of the technology industrys broadestportfolios of products, services and end-to-end solutions. The combined offerings arefocused on helping clients accelerate growth, mitigate risks and lower costs.

The acquisition is, by value, the largest in the IT services sector and the second largest inthe technology industry, following HP’s acquisition of Compaq, which closed in 2002.The companies’ collective services businesses, as of the end of each company’s 2007fiscal year, had annual revenues of more than $38 billion and 210,000 employees,operating in more than 80 countries.

“This is a historic day for HP and EDS and for the clients we serve,” said Mark Hurd, HPchairman and chief executive officer. “Independently, each company is a respectedindustry leader. Together, we are a global leader, with the capability to serve our clients– whatever their size, location or sector – with one of the most comprehensive andcompetitive portfolios in the industry.”

Hewlett-Packard Co. (NYSE: HPQ)

Electronic Data Systems Corp. (EDS)

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