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Reuters reported on June 10–11, 2024, that Kyndryl Holdings and Apollo Global Management were discussing a possible joint offer for DXC Technology at approximately $22–$25 per share. The proposed range implied a value of up to about $4.5 billion. It was preliminary deal speculation—not a signed merger agreement, tender offer or completed acquisition.
No completed Kyndryl–Apollo purchase of DXC has been verified in the public filings and investor materials reviewed through August 16, 2026.
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What was reported in June 2024?
People familiar with the matter told Reuters that Kyndryl and Apollo Global Management had discussed making a joint bid for DXC Technology. CRN published its account on June 11, 2024, describing a possible offer of $22 to $25 per DXC share and a potential headline valuation of up to approximately $4.5 billion. The report was based on unnamed sources.
That wording matters: the companies had not announced a definitive agreement. DXC said it did not comment on market rumor and speculation, while CRN reported no substantive response from Kyndryl or Apollo.
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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →The reporting also said DXC was separately seeking bids for its insurance-software business, potentially worth more than $2 billion. That was a parallel asset-sale process, not a stated component of the proposed Kyndryl–Apollo bid. CRN’s report contains the contemporaneous details.
Was DXC actually sold?
No completed acquisition has been verified. The reviewed DXC SEC filing archive, including its 2026 Form 10-K filing, and Kyndryl’s SEC filings do not establish that Kyndryl and Apollo acquired DXC.
This does not prove that private discussions ended at a particular time. It means the public record reviewed through August 16, 2026, does not show a completed whole-company transaction. A signed acquisition of a public company would ordinarily be accompanied by formal announcements and regulatory or shareholder documents, none of which has been identified here for this reported bid.
The numbers behind the headline
| Item | Reported detail | Qualification |
|---|---|---|
| Original report | June 10–11, 2024 | Historical news, not current breaking news |
| Prospective buyers | Kyndryl Holdings and Apollo Global Management | Based on unnamed sources |
| Reported offer range | $22–$25 per DXC share | Discussed price, not a confirmed offer |
| Potential valuation | Up to approximately $4.5 billion | Reported estimate based on the share-price range |
| DXC closing price | $18.45 | June 2024 historical close |
| One-day share move | +$1.90, or 11.5% | Historical reaction to the report |
| After-hours high | $19.40 | June 2024 historical trading figure |
| Insurance-software process | Potentially more than $2 billion | Separate reported sale process |
| DXC fiscal 2024 revenue | Approximately $13.7 billion | Fiscal year ended March 31, 2024 |
| DXC fiscal 2024 free cash flow | $756 million | Per DXC’s annual-report summary |
| DXC fiscal 2024 adjusted EBIT | Approximately $1.0 billion | Per DXC’s annual-report summary |
All market figures and the proposed valuation come from the June 2024 CRN account. DXC’s financial figures are summarized in its 2024 annual report.
Why DXC may have attracted interest
DXC offered a large enterprise-services platform spanning infrastructure, applications and business-process work. Its scale and global customer base could have given a buyer opportunities to combine operations, separate assets or monetize businesses that were not central to a future strategy.
The reported bid also came after a substantial share-price decline. CRN’s account said DXC had fallen by roughly one-third over the preceding 12 months. A buyer could therefore have viewed the company as a way to acquire significant services capabilities at a price below earlier market levels, while shareholders would have had to compare the proposed premium with DXC’s prospects as an independent company.
DXC’s 2024 annual-report materials described approximately $13.7 billion of revenue, $756 million of free cash flow and about $1.0 billion of adjusted EBIT, while also describing revenue pressure and a difficult operating environment. Raul Fernandez had become president and chief executive in 2024 after serving as interim CEO.
Why a Kyndryl–Apollo partnership could have made sense
Kyndryl as an operating or strategic participant
Kyndryl was spun out of IBM and focuses on IT infrastructure, managed services, consulting and modernization. Its relevance to DXC would have been its services and infrastructure operations—not software ownership alone. A combination could potentially have added scale in managed infrastructure and enterprise delivery.
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Apollo Global Management was described as the financial partner. The public report did not establish Apollo’s capital contribution, ownership percentage, control rights or the identity of a purchasing vehicle. Kyndryl might have been an operating partner, minority investor or another form of participant rather than the controlling buyer.
Possible asset and cost strategy
A joint structure could have allowed the parties to retain selected businesses, sell noncore units or restructure overlapping functions. Those are analytical possibilities, not announced transaction objectives or terms.
The separate insurance-software question
DXC was reportedly soliciting bids for its insurance-software business at a potential value above $2 billion. A sale could have changed the scope and value of any whole-company transaction, generated cash for debt reduction or investment, or made DXC more attractive to buyers seeking particular assets.
The unit was strategically significant. DXC’s 2024 annual-report page said its technology and services processed one in five property-and-casualty transactions worldwide and served many major global insurers. The report did not establish that the business was sold, or that its potential proceeds were included in the $4.5 billion DXC valuation.
Obstacles a transaction would have faced
- Financing: Funding a multibillion-dollar purchase could have been complicated by any debt assumed and by the premium required over DXC’s market price.
- Integration: Both companies operate large, geographically dispersed services organizations with potentially overlapping delivery, sales and corporate functions.
- Contract risk: Enterprise IT agreements can contain change-of-control provisions, customer-consent requirements and rebid exposure.
- Workforce disruption: Combining two major services businesses could affect employees through duplicated roles, reorganizations and changes in delivery locations.
- Regulatory scrutiny: A combination involving major enterprise IT providers could receive antitrust or national-security review in some jurisdictions.
- Asset-sale timing: A separate insurance-software process could alter DXC’s business mix before a buyer reached a definitive agreement.
- Shareholder expectations: Investors would have had to weigh a $22–$25 price against DXC’s standalone turnaround potential and any competing interest.
What the report meant for stakeholders
DXC shareholders
The immediate effect was a historical market repricing: shares closed at $18.45 after rising $1.90, or 11.5%, and reached $19.40 in after-hours trading. Those figures reflected speculation in June 2024, not a guaranteed payment and not a current valuation.
DXC employees
Because there was no announced transaction, employees had no confirmed buyer, integration plan or employment terms to rely on. In any future combination, overlapping functions and customer-contract requirements would be key sources of uncertainty.
Customers and suppliers
Customers would have needed to monitor formal change-of-control notices, contract amendments and service-continuity plans—not headlines alone. A possible bid did not itself change DXC’s contractual obligations or operating arrangements.
Kyndryl stakeholders
Kyndryl employees, customers and investors could not infer from the report whether the company intended to control DXC, operate part of it, invest alongside Apollo or simply explore a partnership.
How to read the headline accurately
- “Reportedly” signals an unconfirmed account. The price and partnership came from unnamed sources cited in the June 2024 report.
- “Jointly bidding” does not identify the ownership structure. It does not establish that Kyndryl would be the buyer of record or that Apollo would control the vehicle.
- “Up to $4.5 billion” is not a purchase price. It is an approximate implied valuation tied to the reported per-share range.
- The insurance-software process was separate. It should not be described as a completed sale or as part of the rumored bid.
- The story is historical. It should be dated June 2024, with the later public-record check stated separately.
Bottom line on the Kyndryl–Apollo–DXC story
The June 2024 report described preliminary discussions about a possible Kyndryl–Apollo offer for DXC at $22–$25 per share, implying a value of up to roughly $4.5 billion. It did not announce a sale. Through August 16, 2026, the public filings and investor materials reviewed do not verify that the proposed acquisition closed, so the headline remains an account of an unconfirmed acquisition possibility rather than evidence that Kyndryl or Apollo bought DXC.
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