Photo: BloombergSan Francisco: US technology group Hewlett Packard Enterprise said it plans to spin off and merge its corporate services business in a deal valued at $8.5 billion (€7.6 billion). The group divided in two: its enterprise unit, HPE, and the PC-printer business HP Inc. that became a household name but faced increasingly fierce competition. The split-off unit is to be merged with Computer Sciences Corp. to create a global corporate technology services giant with expected annual revenues of $26 billion, Hewlett Packard Enterprise (HPE) said in a statement Tuesday. The transaction is worth $8.5 billion to HPE shareholders, who would end up owning both HPE shares and about half of the new company, it said. HPE, based in Palo Alto, California, was itself the product of the November 2015 split-up of computing giant Hewlett-Packard.

Source: Mint May 25, 2016 08:33 UTC