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Court approves CSC and UXC acquisition

Court approves CSC and UXC acquisition

UXC to cease trading on ASX on February 12.

The Supreme Court of Victoria has approved the Scheme of Arrangement in CSC’s acquisition of UXC.

Following this, UXC’s shares will be suspended from trading on the ASX on February 12.

CSC put forward its $427 million acquisition bid for UXC in October.

Under the agreement, UXC shareholders will receive $1.22 per share, comprising $1.26 and franked dividend of $0.02 per share for the half year ending December 31.

UXC is Australia's largest independent and publicly owned IT services company focused on medium to large entities in the private and public sectors across Australia, New Zealand, Canada, USA and operations across Asia. It reported fiscal 2015 annual revenues of $686 million and has about 3000 employees.

CSC has about 70,000 employees globally and revenue of about $US11.7 billion for the 12 months ending July 3, 2015.

The UXC Group has 12 companies under its umbrella including UXC Connect, UXC Oxygen, UXC Eclipse, UXC Consulting and Telsyte.

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Tags cscUXC LimitedacquisitionSupreme Court of Victoria

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