Hewlett-Packard back on acquisition trail as turnaround begins to pay off
Thursday 21 August 2014
Hewlett-Packard is back on the acquisition trail despite the fallout from its disastrous purchase of Autonomy in 2011.
The US computer giant reported better-than-expected sales growth of 1 per cent to $27.6 billion (£16.6 billion) in the third quarter, after months of decline, and said M&A is back on the agenda.
It wrote down almost all of its $11 billion acquisition of software firm Autonomy and there is a legal battle between HP and Autonomy over the sale.
But HP chairman, president and chief executive Meg Whitman, said: “When I look at the way the business is performing, the pipeline of innovation and the daily feedback that I receive from our customers, my confidence in the turnaround grows stronger.”
She said that now its balance sheet was repaired, M&A will be part of its strategy again and said: “We’re in a position to make acquisitions the way we weren’t over the past year.”
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