WSJ: Business Brief -- COMPLETE BUSINESS SOLUTIONS INC.: Deal Set to Buy Costello For More Than $70 Million
From The Wall Street Journal
Complete Business Solutions Inc., a Farmington Hills, Mich.-based information technology and consultant-service provider, said it will acquire c.w. Costello & Associates, a privately held Connecticut company in a stock swap valued at more than $70 million. Raj Vattikuti, Complete Business Solutions president and chief executive officer, said his company will give Costello shareholders 1.7 million shares of Complete Business Solutions stock, valued at $41.25 a share, in exchange for its 12 offices located in Chicago, Tampa, Fla., Charlotte, N.C., Columbus, Ohio and the New England area. The Costello offices manage some 200 accounts that generate annual revenue of about $70 million, giving it "a very strong presence in the East Coast," and 750 information-technology professionals, according to Mr. Vattikuti. |
