Reston-based TNS, Inc., a major provider of data communications and interoperability solutions, has agreed to be bought by an investor group led by Siris Capital Group in a deal worth about $862 million.
New York-based Siris, a private equity group, will acquire all outstanding common TNS shares for $21 each in cash.
The price represents a premium of about 44 percent over the closing price of TNS stock on Monday and a 47 premium over TNS’ volume-weighted average share price during the previous 30 days.
“Our board is confident that this transaction is in the best interests of our stockholders, customers and employees,“ Stephen X. Graham, chairman of the Special Committee of the TNS board, said in a statement. “Engaging with Siris will help TNS work toward our goal of transitioning from a legacy network provider to building various value-added data communication applications.“
TNS offers a broad range of networking, managed connectivity, data-communications and value-added services which enable transactions and the exchange of information in industries such as retail, banking, payment processing, telecommunications and the financial markets.
Founded in 1990, TNS provides services in over 60 countries across the Americas, Europe and the Asia Pacific region.
There are no comments for this entry