UXC finds buyer for Field Solutions business
- 20 July, 2011 10:56
ICT services outfit UXC (ASX:UXC) has entered into an agreement with investment firm Cashel House to sell the remaining assets of its Field Solutions business unit.
The agreement is the long-awaited result of a strategic review the company conducted in February 2010 in an attempt to gain greater shareholder value for the company, from which it announced it would pursue a possible demerger.
In a statement to the ASX, the company noted it had reached a sale and purchase agreement despite struggles to find a buyer, which hinges on final finance approval. The deal is expected to be finalised in four to six weeks.
The acquisition includes all assets of Utility Asset Management, Skilltech Consulting Services, Infrastructure Constructions, UXC and Fieldforce Services.
UXC non-executive chairman, Geoff Lord, said the board had approved the acceptance of the offer and was pleased with the progress achieved in the timeframes anticipated.
“The joint commitment of UXC and Cashel House to concluding the transaction is very strong and both parties are using their best endeavours to achieve completion,” Lord said in a statement.
UXC managing director, Cristiano Nicolli, said the agreement was a major step forward in UXC’s strategic plan.
“Couple with the restructuring and simplification plans recently announced within the IT Group, we are on the verge of achieving some key deliverables that will place the company in a potentially strong market position,” he said.
The company in June merged three of its infrastructure businesses, Integ Group, XSI Data Solutions and UXC Connect to operate under the UXC Connect name with former Integ boss, Ian Poole, heading up the new unit.
The new business has more than 650 employees and projected first-year revenues of $235 million. The business main offerings will be outsourced, hosted and managed services; cloud and premise unified communications; mobility; secure networking; data centre and storage management; and contact centre solutions.
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