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DXC Technology (NYSE:DXC) shares are down in pre-market Tuesday after the outsourcing and consulting company said it terminated discussions with a financial sponsor over a potential sale.
The company confirmed in early October that it was approached by a financial sponsor regarding a potential acquisition of the company. Bloomberg News reported that Baring Private Equity Asia is the private equity sponsor.
“Due to the financial sponsor’s challenges in raising the necessary capital, as a result of current market conditions, no formal proposal was received by the company and DXC has terminated the discussions,” DXC said in a statement.
DXC shares are up 7.5% year-to-date.
