The CNN Wire Latest updates on top stories  « Back to Blog Main
May 13th, 2008
Posted: 08:24 AM ET

NEW YORK (CNNMoney.com) — Hewlett-Packard announced Tuesday it is buying Electronic Data Systems for about $13.9 billion in cash, as it aims to step up competition for the computer services business with rival IBM.

HP is paying $25 a share for EDS, a narrow 4 percent premium to Monday’s close but a nearly one-third premium over Friday’s closing price before reports of a possible deal.

It is the largest purchase for HP since its controversial purchase of Compaq Computer in 2002. It should also allow HP to close much of the gap in lucrative computer consulting business with IBM.


Share this on:
subscribe RSS Icon
Editor's note

The CNN Wire is a running log of the latest news from CNN World Headquarters, reported by CNN's correspondents and producers, and The CNN Wire editors. "Posted" times are Eastern Time.

CNN Comment Policy: CNN encourages you to add a comment to this discussion. You may not post any unlawful, threatening, libelous, defamatory, obscene, pornographic or other material that would violate the law. Please note that CNN makes reasonable efforts to review all comments prior to posting and CNN may edit comments for clarity or to keep out questionable or off-topic material. All comments should be relevant to the post and remain respectful of other authors and commenters. By submitting your comment, you hereby give CNN the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying information via all forms of media now known or hereafter devised, worldwide, in perpetuity. CNN Privacy Statement.
Home  |  World  |  U.S.  |  Politics  |  Crime  |  Entertainment  |  Health  |  Tech  |  Travel  |  Living  |  Business  |  Sports  |  Time.com
Podcasts  |  Blogs  |  CNN Mobile  |  Preferences  |  Email Alerts  |  CNN Radio  |  CNN Shop  |  Site Map
© 2008 Cable News Network LP, LLLP. A Time Warner Company. All Rights Reserved.
Powered by WordPress.com