By Greg Hazley
Brunswick Group and FD are advising U.K. business software provider Autonomy as the company has agreed to be acquired for up to $11.7 billion by Hewlett-Packard.
The deal is generating global headlines as H-P considers sweeping changes to its business with a possible spinoff of its personal computer operation.
H-P has not yet been reached about outside PR counsel for the deal. Sard Verbinnen & Co., then part of Citigate, helped H-P woo support for its $25 billion 2002 acquisition of Compaq, which would essentially be unraveled with a PC spinoff.
The boards of both Autonomy and H-P announced today their approval of the deal, which has H-P paying a 64 percent premium on Autonomy shares in a tender offer.
The Autonomy acquisition is being pitched as H-P’s increased focus on software and cloud computing and a turn away from its PC business.
“We believe the acquisition of Autonomy, combined with the exploration of alternatives for [our personal computer group], would allow HP to more effectively compete and better execute its focused strategy,” H-P CEO Leo Apotheker said in announcing the deal.
Autonomy had 2010 fiscal revenues of $969M. H-P’s posted 2010 net revenue of $126 billion.
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