Keane shareholders OK company's $854 million acquisition by Caritor

By Lisa Kerner

Charlotte, N.C., May 15 - Keane, Inc.'s shareholders voted to adopt the merger agreement with Caritor, Inc. at a special meeting held on Tuesday.

On Feb. 7, Caritor entered into a definitive agreement to acquire Keane for $14.30 per share in an all-cash transaction valued at $854 million, according to a company news release.

The merger will be financed through a combination of equity from Citigroup Venture Capital International and debt financing committed by Citigroup Global Markets Inc., UBS Securities LLC and Banc of America Securities LLC.

Both companies' boards have approved the transaction. In addition, members of the Keane family and affiliates have committed to vote their Keane shares, some 20% of the outstanding stock, in favor of the merger, the release stated.

The resulting new private company will operate under the Keane name and maintain its Boston base under the leadership of Caritor chairman and chief executive officer Mani Subramanian.

Caritor is a provider of internet technology services based in San Ramon, Calif.

Keane is a business process and IT services firm.

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