KPN completes Getronics acquisition
23 October 2007 | 2057 views | 0
KPN has completed the acquisition of the Dutch ICT service provider Getronics.
This is a joint press release of KPN ICT Services B.V. and Getronics N.V. which is required pursuant to the provisions of article 9b paragraph 1 of the Dutch Securities Markets Supervision Decree 1995 (Besluit toezicht effectenverkeer 1995). This press release is not for release, distribution or publication, in whole or in part, in or into the United States of America, Canada, Australia, Japan and Italy. The offers for ordinary shares and convertible bonds of Getronics N.V. are not made in or into the United States of America, Canada, Australia, Japan and Italy.
KPN is now in control of the company following successful public offers for the ordinary shares and convertible bonds. Shareholders and bondholders who have not yet accepted the offers made by KPN may still tender their Getronics shares and bonds until 5 November 2007, 15:00 CET, as earlier announced on 15 October. As soon as legally possible, KPN intends to terminate the listings of the shares and bonds, respectively, on Euronext Amsterdam and the Luxembourg Stock Exchange.
The acquisition fits with KPN's stated Business market strategy of transforming into an end-to-end ICT service provider. KPN will continue Getronics' stated strategy to focus on core operations in the Netherlands, Belgium, United Kingdom and North America while maintaining a global service delivery capability. The Getronics brand name will be maintained as it is highly regarded by its customers.
The new Getronics board will evaluate the current strategy and intends to rationalize central and group functions. Expected synergies are at least EUR 50 million per annum as of 2009, while the net present value of tax assets is estimated at over EUR 100 million.
Following settlement on 22 October 2007, Erik van der Meijden will hold the position of CEO of Getronics and Steven van Schilfgaarde the position of CFO. Furthermore, Getronics intends to appoint Gary Cawthorne (responsible for the Americas), Tara Brady (responsible fffor the UK) and Jos Schoemaker (responsible for Global operations) as members of the Getronics Board of Management, subject to shareholder approval. It is currently intended that KPN's own ICT Services and Corporate Solutions businesses will be integrated into Getronics as of the second half of 2008.