KAZ Computer Services is to acquire fellow IT services giant Aspect Computing for $215 million, according to a report in the Australian Financial Review.
The report suggests KAZ raised around $78 million from institutional investors overnight to help fund the ambitious acquisition. KAZ Computer Services managing director Peter Kazacos is a former employee of Aspect Computing.
The two owners of Aspect Computing, Lyndsey Cattermole and Peter Draney, will be paid $108 million in cash and 102 million shares in KAZ Computer Services as part of the deal. Both are expected to stay on with the company.
The merged entity expects to be profitable from its first reporting period.