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December 6, 2007 |
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EDS CORP: Completes US$420-Million Buyout of Saber Corp.'s Stake EDS Corp. has completed the acquisition of an approximate 93% equity interest in Saber Corp., including majority shareholder Accel-KKR. As reported in the Troubled Company Reporter on Nov. 19, 2007, EDS Corp. has agreed to purchase an approximate 93% equity interest in Saber Holdings Inc., including majority shareholder Accel-KKR, for approximately US$420 million in cash. Saber's chief executive officer Nitin Khanna and president and chief operating officer Karan Khanna will retain an approximate 7% interest in Saber and continue to lead the company after the closing. About Saber Holdings Inc. Headquartered in Portland, Oregon, Saber Holdings Inc. -- http://www.sabercorp.com/ -- is a privately held company that has customer relationships with state and local government entities across the country. Founded in 1997, the company provides software and services that underpin essential functions such as voter registration, election management, public retirement programs, human services, public health services, motor vehicles, unemployment insurance, and forms and document processing. About Accel-KKR Accel-KKR - http://www.accel-kkr.com/ -- is a technology-focused private equity firm that invests in technology businesses. Accel-KKR has a particular focus on the following transactions: Recapitalizations of family-owned or closely-held private companies, divisional buyouts of larger companies, and going- private transactions. About EDS Corp. Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS) -- http://www.eds.com/ -- is a global technology services company delivering business solutions to its clients. EDS founded the information technology outsourcing industry more than 40 years ago. EDS delivers a broad portfolio of information technology and business process outsourcing services to clients in the manufacturing, financial services, healthcare, communications, energy, transportation, and consumer and retail industries and to governments around the world. EDS has locations in Argentina, Australia, Brazil, China, Chile, Hong Kong, India, Japan, Malaysia, Mexico, Puerto Rico, Singapore, Taiwan, Thailand and South Korea. * * * Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1' in July 2004, and its probability of default rating at 'Ba1' in September 2006. Moody's said the outlook is positive. The ratings still hold to date. |
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