Getronics completes purchase of Wang Global

Getronics completes purchase of Wang Global

Getronics NV last week said it has completed its previously announced purchase of Wang Global.

The Amsterdam-based company has obtained stocks and stock warrants representing just over 90 per cent of Wang Global's outstanding common shares, the company said in a statement.

Getronics, which does three-quarters of its business in the Netherlands and Belgium, last month offered to buy all of Wang Global's outstanding shares for $US29.95 each, or a total purchase price of about $2 billion.

Getronics, whose main business is systems integration and consulting, has sought to buy an international services company for some time. Ironically, it had previously considered buying Olsy SpA - the services arm of the Italian company Olivetti SpA - but Wang Global signed a deal to acquire Olsy last year.

Wang Global will be renamed Getronics throughout Northern and Central Europe, Latin America and the Asia-Pacific, the company said, while in North America the company will be known as GetronicsWang. In Italy, the company will be known as GetronicsOlivetti, reflecting Wang Global's acquisition of Olsy.

Joseph Tucci (currently chairman and CEO of Wang Global) and Mias van Vuuren (currently a management committee member at Wang Global), will join Getronics president and CEO Cees van Luijk on Getronics' five-person management board.

The new company will have business in more than 40 countries with 33,000 employees and combined sales of $US6.9 billion, Getronics said.

Wang had already begun to focus recently on building up its business overseas and this year announced outsourcing contracts with Abbey National, a large British bank, and British Airways PLC. Wang's specialty has been converting older, proprietary networks to standards-based networks.

Wang posted a loss of about $US58 million on revenue of $790 million for the quarter ended March 31.

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