DXC Technology said it had terminated discussions regarding a potential takeover of the IT services company, citing the unnamed buyer’s challenges in raising necessary capital amid current market conditions.
In October, the company said it had been approached about a potential takeover, without disclosing further details. Baring Private Equity Asia made the takeover approach, Bloomberg had reported at the time.
However, in a statement issued on Monday, DXC said it had terminated talks after no formal proposal was received from the financial sponsor because of challenges in raising the necessary capital.
DXC ended merger talks with French IT consulting group Atos SE in 2021, which had made a $10 billion offer for the company.
DXC was founded in 2017 when Hewlett Packard Enterprise spun off its enterprise services business.
Source: Reuters.com