Compaq buys Proxicom for US$266 million

Compaq buys Proxicom for US$266 million

Looking to beef up its global services arm, Compaq announced on Thursday that it will acquire electronic business consulting and services firm Proxicom for approximately $US266 million.

Compaq will pay $US5.75 per share in cash for the company's stock, Compaq said in a statement.

Proxicom will become a wholly-owned subsidiary of the computer maker, and Proxicom employees will report to Jeff Lynn, vice president and general manager of Compaq Global Services.

The deal falls in line with Compaq's plans to expand its global service offerings, which it highlighted during it's quarterly earnings conference call this week.

Proxicom was founded in 1991 and has provided Web consulting services for clients including America Online/Time Warner, General Electric and General Motors, Compaq said. It has 950 employees worldwide.

The acquisition is expected to close this quarter, subject to government approvals and other customary conditions, Compaq said.

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