This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Ness Technologies Completes Acquisition By CVCI

Stocks in this article: NSTC

TEANECK, New Jersey, October 11, 2011 /PRNewswire/ --

Ness Technologies, Inc. (NASDAQ: NSTC and TASE: NSTC), a global provider of IT services and solutions, announced today the completion of its acquisition by an affiliate of Citi Venture Capital International (CVCI), a global private equity investment fund, in a transaction valued at approximately $307 million.  Under the terms of the merger agreement, Ness stockholders will receive $7.75 in cash for each share of common stock they hold.

As previously announced, the transaction was approved by Ness stockholders at a special meeting of stockholders held on August 30, 2011.  As a result of the transaction, Ness common stock will cease trading on, and will be delisted from, the Nasdaq Global Select Market and the Tel Aviv Stock Exchange.

"We are excited by the opportunity for Ness to grow and develop in partnership with CVCI, while continuing to provide superior solutions and services to our strong customer base," said Sachi Gerlitz, president and CEO, Ness Technologies.

Bob Khanna, CVCI's Managing Director, said, "We look forward to working with Ness management, employees and partners of all business units to build on Ness's outstanding reputation and deliver additional value to its customers through its global network."

Ness will remain headquartered in Tel Aviv, Israel, and Teaneck, New Jersey, and Ness's Chief Executive Officer and Chief Financial Officer are continuing in their current roles.

Jefferies & Company, Inc. acted as financial advisor to the Special Committee of the Board of Directors of Ness (the Special Committee).  Bank of America Merrill Lynch acted as financial advisor to the Board of Directors of Ness.  Olshan Grundman Frome Rosenzweig & Wolosky LLP acted as legal advisor to Ness, Ropes & Gray LLP acted as legal advisor to the Special Committee and Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to CVCI.

About Ness Technologies

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs