TechTeam Global Bought By Brazil's Stefanini International HoldingsBy Reuters | Print
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Outsourcing and business process outsourcing services provider TechTeam Global will be acquired by Brazil's Stefanini International Holdings for $93.4 million in cash as part of the Brazilian company's efforts to expand its international presence.Nov 2 (Reuters) - TechTeam Global (NASDAQ:TEAM), a provider of outsourcing and business process outsourcing services, said it agreed to be bought by Brazil's Stefanini International Holdings Ltd for $93.4 million in an all-cash deal that will expand the private company's international presence.
Stefanini, through a U.S. unit, will purchase all outstanding TechTeam common shares for $8.35 per share, a 16.8 premium to the stock's Monday close.
The deal will be structured as a two-step merger to expedite the process.
Houlihan Lokey served as TechTeam Global's financial adviser, while Fredericks Michael & Co advised Stefanini, a holding company of privately held IT services provider Stefanini IT Solutions.
TechTeam shares were up 16 percent at $8.30 in early morning trade on Tuesday on Nasdaq. The stock is up 16 percent in the last six months. (Reporting by S. John Tilak in Bangalore; Editing by Roshni Menon)