HP wraps up Synstar purchase
Done and almost dusted
HP is now officially the owner of Synstar, the UK-based IT services group. Today it revealed that it had bought up 92.1 per cent of Synstar shares; it expected to buy up the rest compulsorily by mid-November. It is shelling out £163m (US$293.3m) cash for the business.
HP gains 1,500 corporate customers across Western Europe and inherits 2,600 staff and offices in Ireland, Germany, Belgium, Luxembourg, The Netherlands, the UK and Spain.
HP made an agreed offer for disaster recover-to computer maintenance form in August. Earlier this month, the European Commission waved through the deal. The transaction will not significantly alter HP's share of the IT services market, the Commission ruled, noting the "significant number of global viable competitors as well as the large number of local or regional competitors that remain in the European market".
Francesco Serafini, HP general manager, Technology Solutions Group, EMEA, said Synstar is a "great fit with HP. We believe that the addition of Synstar's support and business continuity services will enhance our services capabilities across EMEA, and puts us in an even stronger position to compete in the European multi-vendor market. We look forward to driving forward as one business." ®
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