DXC Technology is in the process of selling its insurance software business for over $2 billion. This comes as rumors swirl that buyout firm Apollo Global and IT services provider Kyndryl Holdings, recently spun out of IBM, are in discussions about a joint bid for the company.
Sources close to the matter have reported that the potential acquisition offer being discussed is between $22 and $25 per share. If a deal were to be reached, it would be a significant move for both companies, with DXC Technology currently valued at $3 billion and Kyndryl having just been spun out from IBM.
While the sources requested anonymity due to the confidential nature of the matter, it remains to be seen whether a deal will come to fruition. Both DXC Technology and Kyndryl have yet to comment on the potential joint bid, while Apollo declined to provide any comment on the matter.
One thing is certain though – this developing story will be closely watched by investors and industry insiders alike as they wait to see how these discussions unfold.