Convergys Takeout by Synnex in $1.4B Deal

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SYNNEX Corporation (NYSE: SNX) and Convergys Corporation (NYSE: CVG) announced on June 28 that the companies have entered into a definitive agreement which will see SYNNEX acquire Convergys in a cash and stock deal worth approximately $1.4 billion. Convergys shareholders will receive 0.1193 shares of SYNNEX common stock and $13.25 in cash per share of Convergys common stock that they own. Convergys is expected to be combined with SYNNEX’s subsidiary, Concentrix. Andrea Ayers, CEO at Convergys, stated, “We are pleased to have reached this agreement, which provides important benefits for all of our stakeholders, including our shareholders, who will receive an immediate premium in addition to value from their equity participation in the growth and synergies resulting from the combination of Convergys and SYNNEX.” The deal is expected to close by the end of 2018 and has been unanimously approved by both companies’ Boards of Directors. Centerview Partners served as Convergys’ financial adviser with Bank of America Merrill Lynch as SYNNEX’s financial adviser.

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