Computacenter plc to acquire GE CompuNet
and GE Capital IT Solutions Austria
Creates IT infrastructure services provider with leading positions in Europe's three largest markets
London, November 28 2002 – GE and Computacenter plc today announced an agreement for Computacenter to acquire GE CompuNet in Germany and GE Capital IT Solutions Austria. GE management and the Computacenter board have unanimously approved the agreement. Completion of the acquisition, which is subject to Computacenter shareholder and certain regulatory approvals, is expected in early 2003.
At completion, the combined companies will have leading positions in Europe's three largest markets (Germany, UK, and France), and will be well positioned in Austria, Belgium, and Luxembourg. Under the agreement, GE CompuNet and GE Capital IT Solutions Austria will become wholly owned subsidiaries of Computacenter plc.
Joining the strengths of GE CompuNet and GE Capital IT Solutions Austria with Computacenter in UK, France, Belgium, and Luxembourg will:
- Enable the new company in each country to offer integrated solutions and services spanning the whole life cycle of IT infrastructures to customers across Europe.
- Enable the new company to build stronger relationships with all IT technology vendors to the benefit of its customers.
- Allow the combined businesses to share important investments and best practices, and to develop common processes to improve the scope, quality, and cost-effectiveness of their offerings.
- Create a new company with a total revenue of more than Euro 4 billion and approximately 10,000 employees.
Computacenter will pay an initial Euro 57 million (£36 million) for the GE CompuNet and GE Capital IT Solutions Austria businesses on completion, with up to a further Euro 64 million (£41 million) being payable contingent on the financial performance of the businesses being acquired over 2003 and 2004.
Mike Norris, Chief Executive of Computacenter plc, said, “GE CompuNet is the German equivalent of Computacenter. It has a strong services element in its portfolio and this supports Computacenter's strategy of growing its services base and building contracted revenue streams. This acquisition represents an important step forward in establishing Computacenter as Europe’s leading infrastructure services provider.”
Dr. Johannes Meier, CEO of CompuNet said: “This is an exciting opportunity for our customers and employees. Joining the strengths of our business with Computacenter as one company positions the combined organisation to deliver seamless and integrated IT services to customers across Europe.”
Hermann Kaineder, CEO of GE Capital IT Solutions Austria, added, “We are convinced that being part of Computacenter will enable us to strengthen our position in the Austrian market and give us the scale to compete more effectively with other leading IT service providers.”
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