Caritor completes acquisition of Keane

By Lisa Kerner

Charlotte, N.C., June 4 - Caritor, Inc. completed its $854 million purchase of Keane, Inc., giving Keane shareholders $14.30 per share in cash. Keane's stock will no longer be traded on the New York Stock Exchange, however, the resulting private company operates under the Keane name out of San Ramon, Calif.

"The Caritor acquisition of Keane is a transformational event for the IT services industry," Mani Subramanian, chairman and chief executive officer of the new Keane said in a company news release.

"As a combined enterprise totally committed to customer satisfaction, we are uniquely positioned to deliver solutions that will help clients improve performance through higher quality and increased efficiency."

On Feb. 7, Caritor entered into a definitive agreement to acquire the business process and IT services firm.

Financing for the merger was 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.

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

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