US computer firm up for sale

NEW YORK - Computer Sciences, the fifth-largest US computer-services provider, put itself up for sale and announced 5000 job cuts, mainly in Europe. The shares gained 4.4 per cent to US$59.80.

Goldman, Sachs in New York will advise the El Segundo, California-based company, which has a market value of US$10.7 billion ($17.5 billion).

Shares of Computer Sciences have gained more than 30 per cent since mid-October on speculation the company would be a target for private-equity firms.

Buyout companies are showing renewed interest in services providers following the US$11.4 billion purchase of SunGard Data Systems last August.


- BLOOMBERG