Getronics buys PinkRoccade
Going Dutch
Posted in Financial News, 1st March 2005 10:02 GMT
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Getronics, the Dutch computer services firm. has bought PinkRoccade, also Dutch, for €355m. Post-acquisition, Getronics is the biggest computer services business in its home country and it also becomes a more significant player in the UK, where it doubles in size. The enlarged group claims pro forma annual revenues of €3bn and has 29,000 staff in 30-ish countries.
PinkRoccade is much the smaller of the two with 7,000 workers and revenues of €739m in 2003. It has 1,000 employees in the UK and customers here include Centrica, T-Mobile, Thomas Cook, Southern Water, Superdrug, Iceland, Booker and Woolworths.
The agreed takeover was announced in November last year, but Ordina, yet another Dutch computer services firm, threw a spanner in the works in December by announcing its intention to bid €370m for PinkRoccade. Ordina backed out the following month, blaming its target for refusing to co-operate with its request for information.
Getronics is to issue €250m in new shares to help fund the purchase. ®
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