Citigroup Backs Keane Purchase

Caritor Inc., a San Ramon, Calif.-based provider of IT services, has agreed to acquire business process and IT services firm Keane Inc. (NYSE: KEA) for $14.30 per share in cash (19% premium to yesterday’s closing price). The total deal is valued at approximately $854 million, with Caritor receiving equity financing from existing shareholder Citigroup Venture Capital International and leveraged financing from Citigroup Global Markets, UBS Securities and Bank of America Securities.