Sources say Exclusive: Apollo and Kyndryl bid for DXC Technology, reports The Mighty 790 KFGO

DXC Technology is reportedly in discussions with buyout firms Apollo Global and Kyndryl Holdings, the information technology services provider spun out of IBM, about a joint bid for the company. The potential acquisition offer for DXC is said to range between $22 and $25 per share. Following this news, DXC shares experienced an 11% increase in trading in New York on Monday, closing at $18.45 per share and giving the company a market value of $3.3 billion.

In addition to exploring a potential bid, DXC is also seeking offers to sell its insurance software business for more than $2 billion. The company may choose to remain independent under the leadership of CEO Raul Fernandez, who took on the role in February. It is worth noting that the sources requested anonymity due to the confidential nature of the matter, and both DXC and Apollo declined to provide comments on the situation. Kyndryl did not immediately respond to a request for comment.

DXC Technology offers a range of business solutions including analytics, engineering, cyber security, cloud infrastructure, and outsourcing services. However, the company has faced a decline in revenue over the past year as a result of factors such as high interest rates and economic uncertainties leading to reduced spending by corporate clients. Its shares have dropped more than a third in value over the last 12 months.

In response to these challenges, DXC has implemented cost-cutting measures and restructuring initiatives. Based in Ashburn, Virginia, the company disclosed that it engaged in discussions for a potential sale last year but ultimately ended talks with a private equity suitor due to financing constraints. Kyndryl, specializing in infrastructure IT services, has a market value of $6 billion

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