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.
