On September 10, 2013, IBM and SYNNEX Corporation announced a definitive agreement in which SYNNEX will acquire IBM’s worldwide customer care business process outsourcing services business for $505 million, consisting of approximately $430 million in cash and $75 million in stock. Cravath represented IBM in connection with this transaction.

As part of the transaction, SYNNEX will enter into a multi-year agreement with IBM, and Concentrix, a wholly owned subsidiary of SYNNEX, will become an IBM strategic business partner for global customer care business process outsourcing services.

The Cravath team included partner Eric L. Schiele and associate Ting S. Chen on M&A matters; partner J. Leonard Teti II and associates Matthew O. Williams and Jason A. Sacks on tax matters; partner Jennifer S. Conway and associates Jarrett R. Hoffman and Matthew Cantor on executive compensation and benefits matters; partner Matthew Morreale on environmental matters; and practice area attorney Joyce Law on real estate matters. Laura E. Hansell also worked on M&A matters