TechTeam Global Inc. (Nasdaq: TEAM), has agreed to be acquired by Sao Paulo, Brazil-based Stefanini International Holdings Ltd. for $93.4 million.
Through the deal, Southfield-based TechTeam, a provider of information technology outsourcing and business process outsourcing services, will merge with Stefanini’s wholly owned, U.S. subsidiary, Platinum Merger Sub Inc.
Platinum plans to purchase all outstanding shares of TechTeam Global for $8.35 per share, representing a 24 percent premium to TechTeam’s average closing stock price over the three-month period ended Nov. 1 and a 17 percent premium over the closing price of TechTeam’s stock on Monday, TechTeam said in a release.
Marco Stefanini, chairman of Stefanini, which does business as Stefanini IT Solutions, said the acquisition is a significant step in its strategy to expand internationally. Stefanini is a privately held, global provider of IT consulting, integration and development and outsourcing services.
TechTeam Chairman Seth Hamot said in a release that TechTeam’s board “…believes that this transaction, following the sale of the Government Solutions business in September, is in the best interest of our shareholders.” TechTeam President and CEO Gary Cotshott said the combined companies will expand TechTeam’s global coverage and broaden its service portfolio, providing more value for customers. “We are also excited by the long-term growth opportunities expected from the increased stability, scale and flexibility of the combined enterprise,” he said in the release.
TechTeam, which provides service desk, technical support, desk-side support, security administration, infrastructure management and related professional services, has 2,100 global employees.