Wednesday, 25 November 2015 12:55

CSC, UXC enter A$427 million binding sale agreement Featured

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CSC has now signed off on a deal, foreshadowed last month, to acquire Australian-listed IT services company UXC.

The big Amercian IT services company has today confirmed that it has entered into a binding Scheme of Implementation agreement to acquire the shares of UXC (ASX:UXC).

Today’s announcement follows a period of due diligence after the two companies announced they were entering negotiations on the deal in early October.

The deal will see CSC acquire 100% of the issued capital of UXC for a cash consideration of A$1.22 per share, and with UXC paying a franked dividend of A$0.02 cash per share for the half year ending 31 Dec.

Based on 345 million UXC shares, the total value of the transaction would be approximately A$427.6 million upon completion.

UXC, Australia’s largest independent and publicly owned IT services company, has annual revenues of A$686 million (US$493.9 million) and employs nearly 3,000 people.  CSC has 70,000 professional employees and annual revenue in excess of US$12 billion.

CSC managing director for Australia & New Zealand, Seelan Nayagam, said the acquisition of UXC, will position the company amongst the region’s largest IT service providers.

“When completed, this acquisition will broaden CSC’s market coverage and next-generation offerings, with an expanded client base and deeper industry expertise.”

CSC’s president and CEO Mike Lawrie said  the addition of UXC would continue the process of “rebalancing our offering portfolio and strengthening our global commercial business”.

“UXC’s application platform capabilities – combined with CSC’s existing strengths in cloud, cyber, and big data – would enhance what the two companies already deliver to clients in the region.”

Lawrie said the combination would offer an expanded client base and deeper industry expertise for both firms.

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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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