Getronics N.V.

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Publicatie datum 15 jun 2007 - 08:50

Statutaire naam Getronics N.V.

Titel Getronics to create strategic partnership with Tecnocom in Spain and Portugal

Bericht EUR 95 million offer received, including EUR 15 million earn-out Amsterdam, 15 June 2007 Getronics today announced that Tecnocom, a listed Spanish ICT services company (Ticker: CIB), has made a binding offer to purchase Getronics' operations in Spain and Portugal, creating a strategic partnership with Getronics in the Iberian peninsula. The proposal involves the transfer of 100% of Getronics' operations in Iberia to Tecnocom in order to create a strong player in the Iberian market and to leverage the extensive application services capabilities and resources of Getronics' Iberian operations, as well as its capabilities in workspace management services. The combined businesses of Getronics Iberia and Tecnocom will create the third largest ICT services provider in the Iberian market, with a leading position in the Iberian Financial Services sector. The pro-forma revenue of the combined businesses is estimated to be approximately EUR 450 million in 2007. The combined business would have 20 offices in Spain and operations in Portugal, in addition to Tecnocom's existing operations in Latin America. The received and accepted binding offer of EUR 95 million, includes a EUR 15 million earn-out. The earn-out is subject to agreed performance targets being met in the first half of 2007. The offer will be 60% in cash paid at closing and the other 40% will be deferred, and could either be paid in cash or Tecnocom shares. If the deferred payment is made in shares, Getronics will potentially obtain an equity stake of more than 10% in Tecnocom as an industrial partner and will also attain a Tecnocom board position. The proposed deal is expected to be completed early Q4 2007, depending on final due-diligence, the finalisation of the partnership agreement and antitrust approval. As a result of this transaction, Getronics expects to record a book loss in the range of EUR 15 to EUR 30 million, including write-downs of certain fixed and intangible assets, transaction expenses,

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Datum laatste update: 31 juli 2025