07:29 AM EDT, 06/10/2024 (MT Newswires) -- Cognizant Technology Solutions ( CTSH ) said Monday that it has signed a definitive agreement to acquire Belcan, LLC, a global supplier of engineering research and development services, for about $1.29 billion in cash and stock.

The purchase price comprises $1.19 billion in cash and a fixed 1.47 million of Cognizant shares. The transaction is anticipated to close in Q3.

The company said it expects to fund the cash consideration through a mix of cash on hand and debt, and it also plans to increase its share repurchase plan to maintain current share count guidance of 497 million for the full-year 2024.

The company expects the acquired business to contribute revenue of over $800 million on an annualized basis in 2024.

Chief Executive Officer of Belcan, Lance Kwasniewski, is expected to continue to lead the operations, which will carry on under the Belcan name as an operating unit of Cognizant.

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