Stefanini IT Solutions Monday announced the successful completion of the $8.35 per share cash tender offer for all outstanding shares of TechTeam Global, Inc. The offer was made by Stefanini International Holdings Ltd and its acquisition subsidiary.

Based on final information from the depositary for the tender offer, 9,997,058 shares (including 6,105 shares subject to guaranteed delivery procedures), representing over 89.41 per cent of the outstanding shares of common stock of TechTeam Global were validly tendered and not withdrawn prior to the expiration of the tender offer, stated the regulatory filing done by the firm.

All such shares have been accepted for payment in accordance with the terms of the tender offer. As previously disclosed, on November 2, 2010, TechTeam Global and Stefanini announced that TechTeam Global, Stefanini and Merger Sub had signed a definitive merger agreement pursuant to which the tender offer would be made.

Stefanini's acquisition subsidiary, Platinum Merger Sub Inc intends to purchase additional shares of common stock of TechTeam Global at the same price paid in the tender offer pursuant to its "top-up" right provided for in the merger agreement, following which the Merger Subsidiary will own over 90 per cent of the outstanding shares of TechTeam Global.

Under the merger, Platinum Merger Sub Inc will be merged with and into TechTeam Global, with TechTeam Global surviving the merger and continuing as a wholly-owned subsidiary of Stefanini.

Stefanini IT Solutions is a global provider of onshore and near shore IT consulting, systems integration and development, and outsourcing services. With more 9,400 employees and 36 offices in 17 countries worldwide, Stefanini IT Solutions services more than 320 active customers across a broad spectrum of industry verticals, including energy and utilities, insurance, manufacturing and distribution, oil and gas, financial services, and telecom.

Founded in 1987 and with roots in Sao Paulo, Brazil, Stefanini IT Solutions has grown to be a multinational IT services company and one of the largest IT consulting companies in Latin America.

Under the investment, each outstanding share of TechTeam Global common stock (other than shares held in TechTeam Global's treasury or owned by Stefanini, Merger Sub or any other wholly-owned subsidiary of Stefanini or by stockholders of TechTeam Global will be automatically converted into the right to receive $8.35 in cash, without interest thereon and less any required tax withholdings, read the press release.

13 Dec 2010.