CSC negotiating to acquire Australian IT company
Falls Church-based Computer Sciences Corp. (CSC) has entered into exclusive negotiations to acquire UXC Ltd., Australia’s largest independent and publicly owned IT services company.
The agreed-upon price would be $1.26 per share. Based on 340 million outstanding shares of UXC stock, the purchase price would be about $300 million.
UXC reported fiscal 2015 annual revenues of $480 million. It has 3,000 employees.
The deal is subject to the completion of a five-week, exclusive due-diligence process, negotiation of a “scheme of implementation” agreement and approval by the companies’ respective board approvals, along with customary regulatory and court approvals.
If the process results in an acquisition, it would be expected to be completed by February.
CSC has approximately 70,000 employees and reported revenue of $11.7 billion for the 12 months ended July 3.