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DXC Technology to buy software development company Luxoft for $2 billion


(Reuters) - IT and consulting services provider Co said on Monday it would buy company Holding Inc for about $2 billion to expand its digital offerings to the financial and automotive sectors.

shareholders will get $59 per share in cash, representing a premium of about 86 percent to the company's closing price on Friday.

The company's shares were up 83 percent at $58.02 in premarket trading, while shares were flat.

The companies said shareholders representing about 83 percent of Luxoft's total voting power have endorsed the deal, resulting in obtaining the requisite shareholder approval.

Luxoft will maintain its brand and will continue to be led by its

The deal is expected to close by June 2019.

and BofA Merrill Lynch acted as financial advisers to while acted as to Luxoft.

(Reporting by in Bengaluru; Editing by Shounak Dasgupta)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 07 2019. 19:03 IST