This record is sourced from an Exhibit 99.1 press release furnished with Cognizant's Form 8-K filed June 10, 2024. At announcement, the transaction was a signed definitive agreement pending regulatory approvals and other closing conditions, with closing anticipated in the quarter ending September 30, 2024.
Perella Weinberg Partners served as financial advisor to Cognizant, the acquirer, per the release's statement "Perella Weinberg Partners served as financial advisor and Arnold & Porter served as legal advisor to Cognizant." Jefferies and Solomon Partners both served as financial advisors to Belcan, the target, per "Jefferies and Solomon Partners acted as financial advisors and Kirkland & Ellis served as legal advisor to Belcan." No lead designation is specified among any of the named financial advisors.
On the legal side, Arnold & Porter represented Cognizant and Kirkland & Ellis represented Belcan.
The total purchase price of approximately $1.29 billion comprised $1.19 billion in cash consideration and a fixed 1.47 million Cognizant shares, valued at $97 million based on Cognizant's closing share price on June 7, 2024; Cognizant said it expects the acquisition to deliver over $100 million in annual revenue synergies within three years and to be accretive to 2026 earnings per share, while remaining broadly neutral to EPS in 2025. Belcan CEO Lance Kwasniewski was expected to continue leading Belcan as an operating unit of Cognizant.
Not disclosed in the sourced document is any revenue or EBITDA multiple implied by the $1.29 billion price, the specific regulatory approvals required to close, or how the cash portion of the purchase price would be funded beyond the general description of cash on hand and debt.