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TECHNOLOGY BRIEFS

Hewlett-Packard to Buy Bluestone

October 25, 2000|Bloomberg News

Hewlett-Packard Co., the No. 2 computer maker, agreed to buy Bluestone Software Inc. for $467.6 million in stock to add programs that help companies do business on the Internet. Palo Alto-based Hewlett-Packard would swap 0.2433 share for each share of Bluestone. The purchase would add to earnings in fiscal 2001, HP said. The acquisition will help the computer maker compete with rivals such as Sun Microsystems Inc., which are using software packages to win more business from clients as they buy servers and appliances to run networks and Web sites. HP is looking to broaden its portfolio by beefing up software products with Bluestone. It's also been negotiating to buy the consulting unit of PricewaterhouseCoopers to add services. Shares of Philadelphia-based Bluestone closed up $1.25 at $23.19 on Nasdaq. HP fell $5.88 to close at $92.50 on the New York Stock Exchange.

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