TNS to go private in acquisition

Reston-based data communications company TNS said Tuesday it will be acquired by an investor group led by Siris Capital Group in a deal valued at about $862 million.

Under the acquisition, set to close in the first quarter of next year, Siris would buy all of the outstanding common shares of TNS for $21 per share -- which TNS said represents a 44 percent premium over the Dec. 10 closing price. TNS would become a private company, and its existing senior management team would remain in place.

The TNS board of directors has approved the transaction and recommended that shareholders do the same.

The company said the deal would help TNS move from being a legacy network provider to building “value-added” data communication applications.

According to a filing with the Securities and Exchange Commission, the company does not intend to relocate its Reston headquarters. TNS employs about 400 people in the Washington region.

TNS has multiple businesses, including one that helps telecommunications companies connect calls between different networks and another that aids banks, retailers and others in sharing payment information.

The company said it may now solicit acquisition proposals from others for a 30-day period.

Success! Check your inbox for details. You might also like:

Please enter a valid email address

See all newsletters

Comments
Show Comments
Most Read

Success! Check your inbox for details.

See all newsletters