Hewlett-Packard, the global computer manufacturer, has snapped up the IT services unit of ThyssenKrupp, the German steel and engineering group carrying out a multi-billion euro disposal programme, in an auction run by Lazard.

Hewlett-Packard, advised by Deutsche Bank, paid €340m ($427m) for Triaton, a German-based computer services company. The all-cash deal is understood to be Deutsche's first mergers and acquisitions mandate for the US-based company. The bank previously had an established lending relationship with Hewlett-Packard.