CSC to buy UXC Limited $307.9 million transactionStaff writer ▼ | November 26, 2015
CSC confirmed that it has entered into a binding Scheme of Implementation agreement to acquire the shares of UXC Limited, an IT services company based in Australia.
Acquisition CSC will acquire 100 percent of the issued capital of UXC
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 December 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 ($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. ■