The board of information technology company Covansys Corp. has agreed to a $1.3 billion ($34 in cash per share) takeover by Computer Sciences Corporation. The deal, which requires approval by Convansys stockholders, the boards of both companies have approved the takeover and said it should be completed in 2008.
Covansys is headquartered in the Detroit suburb of Farmington Hills. It has about 9,000 employees, with its main operations in India. It reported 2006 revenues of $455.5 million.
The information technology company Computer Sciences is headquartered in El Segundo, Calif., and has about 77,000 employees in 80 countries. It reported revenues of $14.7 billion in the 12 months ending Dec. 29.