Computacenter plc completes acquisition
of GE CompuNet and GE Capital IT Solutions Austria
On November 28 2002 GE and Computacenter plc announced an agreement for Computacenter to acquire GE CompuNet in Germany and GE Capital IT Solutions Austria, subject to Computacenter shareholder and certain regulatory approvals. Computacenter today announces that those approvals have been received and that the acquisition has completed.
The combined companies have leading positions in Europe's three largest markets (Germany, UK, and France), and are 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.
Computacenter is paying an initial Euro 57 million (£36 million) for the GE CompuNet and GE Capital IT Solutions Austria businesses, 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.”
For further information on the acquisition please see our RNS of November 28 2002, which can be accessed by clicking here
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