Thomson ReutersSigns for Hewlett Packard Enterprise Co. cover the facade of the New York Stock Exchange
said on Tuesday it plans to spin off and merge its enterprise services business with Computer Sciences Corp .
Hewlett Packard Enterprise, which houses the former Hewlett-Packard Co’s corporate hardware and services division, said the merger of the two businesses is expected to produce cost synergies of about $1 billion in the first year after close.
Hewlett Packard Enterprise (HPE) also said its net earnings rose to $320 million, or 18 cents per share, in the second quarter ended April 30, from $305 million, or 16 cents per share, a year earlier.
HPE’s board also authorized additional $3 billion for share repurchases.
(Reporting by Alan John Koshy in Bengaluru; Editing by Maju Samuel)
Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.
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