Darwin Deason finally struck a deal to sell Affiliated Computer Services, Inc., the company he founded in 1988. Xerox Corporation announced on September 28 that it had agreed to buy ACS for $6.4 billion in cash and stock. Xerox will also assume $2 billion in debt and $300 million in convertible preferred securities to bring the total deal value to $8.7 billion.
ACS focuses on business process outsourcing and information technology services offerings in the telecommunications, retail, and financial services sectors. Xerox, like many of its competitors, wants to increase its IT services business. The same desire motivated Dell Inc. to agree to buy Perot Systems Corporation (see page 26) and Hewlett-Packard Company to acquire Electronic Data Systems Corporation last year for $13.9 billion [Deals & Suits, September 2008].
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