CVCI in $307 Million Acquisition of Ness Technologies
June 10, 2011
Cleary Gottlieb is representing Citi Venture Capital International, a global private equity investment fund, in connection with its agreement to acquire Ness Technologies, a global provider of IT and business services that specializes in IT platforms for defense, intelligence and financial services clients. Based in Israel and listed on NASDAQ and the Tel Aviv Stock Exchange, Ness has approximately 6,900 employees with operations in North America, Europe and Asia and customers in over 20 countries. Under the terms of the agreement, Ness stockholders will receive $7.75 per share in cash, in a transaction valued at approximately $307 million. The agreement was signed on June 10, and the merger is expected to close in the coming months following regulatory and antitrust approvals.