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Buyout firm Apollo Global and Kyndryl Holdings, the information technology services provider that was spun out of IBM, are in talks about a joint bid for DXC Technology, people familiar with the matter said on Monday.
Apollo and Kyndryl have discussed an acquisition offer for DXC of between $22 and $25 per share, one of the sources said.
DXC, which is also an IT services vendor, is separately running a process to sell its insurance software business for more than $2 billion, and may opt to remain an independent company under Raul Fernandez, who was appointed chief executive in February, the sources added.
The sources requested anonymity because the matter is confidential. DXC, which has a market value of $3 billion, and Kyndryl did not immediately respond to requests for comment. Apollo declined to comment.