CSC, a Delaware-based global provider of business services, has agreed to acquire a Dutch competitor for $2 billion.
The deal, announced in a conditional merger agreement Monday, would more than double CSC’s workforce and significantly expand its global presence. Intertrust, the publicly traded company CSC seeks to acquire, provides a variety of services to corporations and hedge funds. Its list of clients includes FIFA, Morgan Stanley and fashion brand Tory Burch.
CSC, which is headquartered at Centerville Road and Lancaster Pike in Greenville, believes the deal will make it a “differentiated leader” for corporate, fund, private and capital market clients. CSC provides corporate, legal, tax and digital brand services to more than 180,000 corporate customers, including 90% of Fortune 500 companies.
“By combining the strengths of the two businesses, CSC believes it will become the preferred partner to help companies manage their needs with a full suite of core and specialized services provided by industry experts and supported by a single-source technology platform,” CSC CEO Rod Ward said in a statement.
As part of the agreement, Intertrust’s headquarters would remain in Amsterdam for at least two years following settlement. During that time, CSC would be restricted from divesting any parts of Intertrust.
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CSC would pay for the deal through debt and “cash available resources.”
The companies expect the deal to close in the second half of 2022.
Two Delaware attorneys formed CSC in 1899 with the goal of simplifying how corporations were formed, operated and maintained compliance. Its services helped establish Delaware as the legal home to hundreds of thousands of corporations.
Today, CSC has 3,000 employees across 13 countries.
Intertrust, founded in 1952, has more than 4,000 employees working in more than 30 countries. It had been shopping for a buyer for a few months and engaged with CSC after a deal with a British private equity firm fell through.
“In CSC we have found a long-term partner that is highly complementary to us, given its strong position in the United States and complementary service offerings,” Intertrust CEO Shankar Iyer said in a statement. “As a result, we will be able to offer a wider breath of services to our clients in even more geographical locations.”
Contact Brandon Holveck at [email protected]. Follow him on Twitter @holveck_brandon.