TNS Inc. Announces Completion Of Acquisition
RESTON, Va., Feb. 15, 2013 /PRNewswire/ -- TNS Inc. ("TNS") (NYSE: TNS) today announced the completion of its acquisition by an investor group led by Siris Capital Group, LLC ("Siris"). Under the terms of the transaction, which was initially announced on December 11, 2012, Siris agreed to acquire TNS for $21.00 per share in cash. The transaction, valued at approximately $862 million, closed today following the approval of the acquisition by TNS stockholders and the receipt of all required regulatory approvals.
"The completion of this acquisition marks an important milestone for TNS, and I'm confident that the future of the company is stronger than ever," said Henry H. Graham, Jr., Chief Executive Officer of TNS. "Through this acquisition, TNS is even better positioned for growth as the company continues to transition its business model toward value-added data communication applications."
Under the terms of the merger agreement, TNS' former stockholders have the right to receive $21.00 in cash for each share of common stock owned immediately prior to the completion of the transaction. Stockholders who hold shares through a bank, broker or other nominee will receive instructions from their bank, broker or other nominee as to how to complete the surrender and receipt of cash for their stock. Stockholders of record will receive a letter of transmittal and instruction on how to surrender their former shares of TNS stock in exchange for the merger consideration. Robert Aquilina, former Chairman of MedQuist Holdings and a former senior operating executive of AT&T, will serve as the new Chairman of TNS.
"We are pleased to welcome TNS as the newest addition to the Siris portfolio," said Mr. Aquilina. "Our combined resources will allow TNS to further realize its strategic goals and to expand the tailored services on which our customers depend."
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