​CSC to acquire UXC for $428m

​CSC to acquire UXC for $428m

Services giant to acquire Australia's largest publicly-owned technology provider

CSC has announced plans to acquire the shares of UXC (ASX: UXC) for $428 million, subject to board approvals.

UXC is Australia’s largest publicly owned IT services company, with reported fiscal 2015 annual revenues of $686 million and 3000 employees.

The agreed-upon price would be $1.26 per share. Based on 340 million shares of UXC outstanding, the purchase price would be approximately $428 million upon transaction completion.

The transaction is subject to a five week due diligence process, negotiation of a scheme of implementation agreement and respective board approvals, along with customary regulatory and court approvals for transactions of this type in Australia.

CSC expects the transaction to be finalised by February 2016.

The vendor has been on the expansion path of late. In June, CSC opened a security operations centre (SOC) in Macquarie Park, Sydney.

The SOC is one of five that the vendor operates around the world. According to CSC, 700 information security staff are employed at its four overseas cyber security centres. The vendor provides security services to 250 customers around the world.

A CSC spokesperson said that each individual SOC runs 24/7.

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