KD - IBM-Spinoff Kyndryl Apollo Eyeing DXC Technology In Potential Joint Acquisition: Report | Benzinga
Apollo Global Management Inc (NYSE:APO) and Kyndryl Holdings Inc (NYSE:KD), a spinoff from IBM, are reportedly considering a joint bid for DXC Technology Co (NYSE:DXC).
What Happened: Apollo and Kyndryl are in discussions regarding a potential acquisition offer for DXC, with the per-share bid ranging between $22 and $25, Reuters reported, citing sources.
This news caused DXC’s shares to surge by 11% and conclude Monday’s trading at $18.45, resulting in a market value of $3.3 billion.
DXC, which also operates as an IT services provider, is concurrently seeking bids for the sale of its insurance software business, valued at over $2 billion.
The company may also choose to remain independent under the leadership of Raul Fernandez, who took over as CEO in February.
DXC’s revenue has been impacted over the past ...