Getronics to create strategic partnership with Tecnocom in Spain and
Portugal
EUR 95 million offer received, including EUR 15 million earn-out
Amsterdam, 15 June 2007
Getronics today announced that Tecnocom, a listed Spanish ICT
services company (Ticker: CIB), has made a binding offer to purchase
Getronics' operations in Spain and Portugal, creating a strategic
partnership with Getronics in the Iberian peninsula. The proposal
involves the transfer of 100% of Getronics' operations in Iberia to
Tecnocom in order to create a strong player in the Iberian market and
to leverage the extensive application services capabilities and
resources of Getronics' Iberian operations, as well as its
capabilities in workspace management services.
The combined businesses of Getronics Iberia and Tecnocom will create
the third largest ICT services provider in the Iberian market, with a
leading position in the Iberian Financial Services sector. The
pro-forma revenue of the combined businesses is estimated to be
approximately EUR 450 million in 2007. The combined business would
have 20 offices in Spain and operations in Portugal, in addition to
Tecnocom's existing operations in Latin America.
The received and accepted binding offer of EUR 95 million, includes a
EUR 15 million earn-out. The earn-out is subject to agreed
performance targets being met in the first half of 2007. The offer
will be 60% in cash paid at closing and the other 40% will be
deferred, and could either be paid in cash or Tecnocom shares. If the
deferred payment is made in shares, Getronics will potentially obtain
an equity stake of more than 10% in Tecnocom as an industrial partner
and will also attain a Tecnocom board position. The proposed deal is
expected to be completed early Q4 2007, depending on final
due-diligence, the finalisation of the partnership agreement and
antitrust approval. As a result of this transaction, Getronics
expects to record a book loss in the range of EUR 15 to EUR 30
million, including write-downs of certain fixed and intangible
assets, transaction expenses, and depending on the final outcome of
the earn-out agreement and the actual time of closing the
transaction. No further financial details will be provided until the
transaction is completed.
Following the recently completed strategic partnership in Japan with
NTT Data Corporation, this new strategic partnership in Iberia
announced today is an important step in implementing Getronics'
international, focused strategy. By creating a stronger national
player and a strategic partner in Iberia, Getronics will increase its
capabilities for providing first-class ICT services to its
international clients in the region. The creation of strong local
partners is an important element of Getronics' strategy for
consistently and effectively delivering its services to its
international clients around the globe.
About Tecnocom
Tecnocom, is a leading Spanish company in the field of ICT. Tecnocom
was listed for the first time in 1987, and was one of the founder
companies and members of the new stock market index. Today Tecnocom
is one of the Top-5 Spanish ICT companies.
Tecnocom offers its clients a full range of services and solutions in
IT Consulting, Outsourcing, Applications Integration, Network
Maintenance and Management, System Integration, Network Integration,
IP Convergence, and Security and Telecommunications. Its broad
experience in these fields gives Tecnocom a privileged position for
offering its customers advanced solutions and services that cover the
full range of ICT.
Tecnocom has a network of offices throughout Spain, in Madrid,
Barcelona, Valencia, Bilbao, Seville, Malaga, Murcia, La Coruña,
Santiago de Compostela, Vigo and Gijón, and international presence in
Portugal, Mexico, Peru, Colombia and Chile.
Tecnocom shares are traded on the Spanish Financial Market (Ticker:
CIB). For further information about Tecnocom, visit www.tecnocom.es.
About Getronics
With some 25,000 employees in more than 25 countries and approximate
revenues of EUR 2.6 billion, Getronics is a leading international
provider of Information and Communication Technology (ICT) services
and solutions.
Applying its expertise in workspace management, applications, and
consulting and transformation services, Getronics helps organisations
raise their performance and increase the productivity of their
people, by providing them with the ability to share information and
to work together efficiently, securely and effectively, wherever and
whenever they need.
Getronics headquarters are in Amsterdam, with regional offices in
Boston and Singapore. Getronics' shares are traded on Euronext
Amsterdam ('GTN'). For further information about Getronics, visit
www.getronics.com.
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