DXC Technology, an IT services vendor, has been approached by private equity firm Apollo Global and information technology services provider Kyndryl Holdings, spun out of IBM, about a joint bid for the company. Sources familiar with the matter claim that the potential acquisition offer for DXC is between $22 and $25 per share.
DXC is currently undertaking a process to sell its insurance software business for over $2 billion. However, the company may choose to remain independent under the leadership of CEO Raul Fernandez, who was appointed in February. According to sources, DXC has a market value of $3 billion.
Neither DXC nor Kyndryl have commented on the potential bid, while Apollo declined to provide a statement. Reports by Greg Roumeliotis and Milana Vinn in New York, with editing by Jonathan Oatis, contributed to this news on Monday.