Simpson Thacher and Cravath head up $6.4bn Xerox acquisition
A trio of US law firms have won roles on Xerox's $6.4bn (£4bn) purchase of business process outsourcing company Affiliated Computer Services (ACS). The deal, announced today (28 September), will see the US photocopier giant purchase ACS, handing roles to Cravath Swaine & Moore, Simpson Thacher & Bartlett and Ropes & Gray.
September 28, 2009 at 12:31 PM
2 minute read
A trio of US law firms have won roles on Xerox's $6.4bn (£4bn) purchase of business process outsourcing company Affiliated Computer Services (ACS).
The deal, announced today (28 September), will see the US photocopier giant purchase ACS, handing roles to Cravath Swaine & Moore, Simpson Thacher & Bartlett and Ropes & Gray.
Simpson Thacher has taken the lead role for Xerox, fielding a team led by New York corporate partner Mario Ponce. Wall Street rival Cravath, meanwhile, has won the advisory role for the target company, led by New York-based corporate partners James Woolery and Minh Van Ngo.
Boston-based AmLaw 100 firm Ropes & Gray has also won a role, advising the special committee of the board of directors of ACS. The firm's team was led by Boston-based corporate partner David Chapin, who is also the firm's strategic development partner.
Under the terms of the deal, ACS shareholders will receive cash and shares while Xerox also takes over ACS's $2bn (£1.3bn) of debt.
The Dallas-based ACS offers business process outsourcing support in areas including finance, human resources, information technology, transaction processing, and customer care.
Xerox chief executive Ursula Burns said: "By combining Xerox's strengths in document technology with ACS's expertise in managing and automating work processes, we are creating a new class of solution provider."
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