HP wants to buy EDS, assure acronym superiority over IBM (update: it’s official)
By Nilay Patel | May 13, 2008
Filed under: Misc. Gadgets
We’re not usually too down with enterprise-services action, but it’s hard not to notice HP’s $12-13B bid to buy out rival Electronic Data Systems. EDS is best remembered for that “Herding Cats” Super Bowl commercial, but things have been rough lately — the company just posted 62 percent decline in first-quarter profits. Still, EDS remains a leader in technology outsourcing, and HP seems to think that it’ll be better able to take down Big Blue’s powerhouse services and consulting group if they merge. The deal isn’t done yet, but we should know how things go soon.
Update: The deal is done. HP confirmed that it’s buying EDS for $25 per share or $12.5 billion. EDS will be rebranded, “EDS — an HP company” in recognition of its own corporate blandness.
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