Atos to buy Syntel for about $3.57 billion

French technology services company Atos SE agreed to acquire Michigan-based Syntel Inc in an all-cash transaction valued at about $3.57 billion, including net debt, the companies said on Sunday.

Atos will pay $41 per share, which represents a premium of 4.78 percent to Syntel’s closing price of $39.13 on Friday.

The deal, which is subject to regulatory approval, was unanimously approved by Syntel’s board of directors, the companies said in a joint statement.

Syntel is a 38-year-old information technology company with 23,000 employees. Syntel Chief Executive Rakesh Khanna will become a member of Atos’ executive committee.

Syntel is expected on Thursday to report second-quarter revenue of $249.7 million and earnings per diluted share of $0.49, the company said.