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Cognizant (CTSH) has issued an update.
Cognizant Domestic Holdings Corporation is set to acquire Propulsion Holdings, and with it, the indirect parent of Belcan, LLC, in a deal worth $1.29 billion, to be paid through cash and shares. The transaction, anticipated to conclude by the end of September 2024, hinges on a variety of conditions, including regulatory approvals and the absence of any legal issues that could impede the merger. The agreement also outlines customary representations, warranties, and covenants, as well as an escrow arrangement for potential purchase price adjustments, and the acquisition is backed by buy-side representations and warranties insurance policies, adding an extra layer of financial security for the deal.
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