Getronics buys PinkRoccade for EUR 338m
1 November 2004
AMSTERDAM — Dutch IT giant Getronics will buy its Amsterdam-based rival PinkRoccade for EUR 338 million in a deal that will cost 600 jobs.
Getronics said Monday the takeover will give the combined company a leading presence in the IT services markets in the Benelux region, the UK, Spain and Italy, to be complemented by its US activities.
In particular, the combined company wishes to strengthen its key market positions in the Netherlands and the UK.
It will have revenue in excess of EUR 3 billion and a combined workforce of more than 29,000 in 30 countries, Getronics said in a press release. The company’s headquarters will be situated in Amsterdam.
The deal is expected to yield between EUR 35 and 40 million in sales, cross-selling opportunities and cost savings, to come online from 2005. One-off costs are estimated at EUR 35 to 45 million in the first year of operation.
The takeover is noteworthy because PinkRoccade initially wanted to remain independent, rejecting several buyers in recent years.
“Getronics chief Klaas Wagenaar is the only one who could eventually convince me,” PinkRoccade chief Henk Bosma told newspaper Het Parool.
Wagenaar will become the chief of the combined company and Bosma will be nominated to the supervisory board.
Shares in PinkRoccade surged almost 25 percent higher in early trading, while Getronics shares slipped 3.7 percent.
[Copyright Expatica News 2004]
Subject: Dutch news