[November 24, 2015] |
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CSC Confirms Agreement to Acquire Australia's UXC Limited
CSC
(NYSE: CSC (News - Alert)) 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 T 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 (News - Alert) 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 (News - Alert) 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.
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