Listed Australian IT services company CSG is to buy Konica
Minolta New Zealand and its associated leasing business for
US$132 million (NZ$181 million).
CSG planned to partly fund the deal through a A$65m (NZ$80m)
share placement, The New Zealand Herald reported today.
CSG is taking a 90 percent share in print services company
Konica Minolta Business Solutions and acquiring equipment
financing firm Leasing Solutions outright.
The businesses are together known as the Onesource group and
were bought from finance company Hanover Group for $150m in a
management buyout four years ago.
Onesource chief executive Evan Johnson, who will retain his
role as managing director of the New Zealand businesses and
will join the CSG Australasian Steering Committee to develop
operations in both countries, said that in four years the
Onesource group had paid off a lot of debt and consolidated
its position, and the shareholders had made money on the
deal.
The acquisition is subject to New Zealand Overseas Investment
Office and CSG shareholder approval, and is expected to be
completed by the end of next month.
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