CSC Confirms Agreement to Acquire Australia’s UXC Limited
November 24 2015 - 5:40PM
Business Wire
CSC (NYSE: CSC) today confirmed that it has entered into a
binding Scheme of Implementation agreement to acquire the shares of
UXC Limited (ASX: UXC), a leading IT services company based in
Australia.
CSC will acquire 100 percent of the issued capital of UXC for a
cash consideration of A$1.22 per share. In addition, UXC will pay a
franked dividend of A$0.02 cash per share for the half year ending
Dec. 31, 2015. The news follows a period of due diligence that
began with an announcement by the two companies in early
October.
Based on 345 million shares of UXC outstanding, the total value
of the transaction would be approximately A$427.6 million (US$307.9
million) upon completion. The transaction is subject to approval by
UXC shareholders, followed by the customary regulatory and court
approvals for transactions of this type in Australia. The
transaction timeline is expected to conclude by February 2016.
UXC is Australia’s largest independent and publicly owned IT
services company, with reported fiscal 2015 annual revenues of
A$686 million (US$493.9 million) and nearly 3,000 employees. The
company is a regional leader in enterprise application
capabilities, including Microsoft Dynamics, SAP, Oracle and
ServiceNow implementations.
“We look forward to the prospect of the UXC team joining CSC,”
said Mike Lawrie, CSC’s president and CEO. “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.”
A combined CSC-UXC would be among the region’s largest IT
service companies, based on revenues. The combination would offer
an expanded client base and deeper industry expertise for both
firms.
About CSC
CSC (NYSE: CSC) leads clients on their digital
transformation journeys. The company provides innovative
next-generation technology services and solutions that leverage
deep industry expertise, global scale, technology independence and
an extensive partner community. CSC serves leading commercial and
international public sector organizations throughout the world. CSC
is a Fortune 500 company and ranked among the best corporate
citizens. For more information, visit us at www.csc.com.
Forward-looking Statements
All statements in this press release and in all future press
releases that do not directly and exclusively relate to historical
facts constitute “forward-looking statements.” These
statements represent the Company’s intentions, plans, expectations
and beliefs, and are subject to risks, uncertainties and other
factors, many of which are outside the Company’s control. These
factors could cause actual results to differ materially from such
forward-looking statements. For a written description of these
factors, see the section titled “Risk Factors” in CSC’s Form 10-K
for the fiscal year ended April 3, 2015 and any updating
information in subsequent SEC filings. The Company disclaims any
intention or obligation to update these forward-looking statements
whether as a result of subsequent event or otherwise, except as
required by law.
Click here to subscribe to Mobile Alerts for
CSC.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151124006321/en/
CSCRich Adamonis, Global Media
Relations862.228.3481radamonis@csc.comorSheila Dhillon, Media
Relations+61.423.884.848sdhillon@csc.comorNeil DeSilva, Investor
Relations703.641.3000neildesilva@csc.com
Computer Sciences (NYSE:CSC)
Historical Stock Chart
From Apr 2024 to May 2024
Computer Sciences (NYSE:CSC)
Historical Stock Chart
From May 2023 to May 2024