Brazil's Stefanini to buy TechTeam for $93.4 mn

BANGALORE, INDIA: TechTeam Global, a provider of outsourcing and business process outsourcing services, said it agreed to be bought by Brazil's Stefanini International Holdings Ltd for $93.4 million in an all-cash deal that will expand the private company's international presence.

Stefanini, through a U.S. unit, will purchase all outstanding TechTeam common shares for $8.35 per share, a 16.8 premium to the stock's Monday close.

The deal will be structured as a two-step merger to expedite the process.

Houlihan Lokey served as TechTeam Global's financial adviser, while Fredericks Michael & Co advised Stefanini, a holding company of privately held IT services provider Stefanini IT Solutions.

TechTeam shares were up 16 per cent at $8.30 in early morning trade on Tuesday on Nasdaq. The stock is up 16 per cent in the last six months.