Converge Technology acquires UK-based Stone Technologies Group

Converge Technology Solutions

22/09/2022 14:26

** Canadian IT services firm Converge Technology Solutions
Corp  CTS.TO  signs deal to acquire UK-based Stone Technologies
Group Ltd (https://bit.ly/3C0L0Lt)
    ** This is CTS's fifth acquisition since October 2017
    ** Purchase consideration consists of C$59.6 mln (~$119 mln)
in cash for 89% interest in Stone Technologies
    ** Converge will acquire remaining 11% of Stone Technologies
after about 3 years
    ** CTS shares down ~45% YTD as of Wednesday's close
 (1 Canadian dollar = $0.7457)
 (Reporting by Yuvraj Malik)
 ((yuvraj.malik@thomsonreuters.com))