C.S.G. BUYS 90% OF KONICA-MINOLTA CORP IN NEW-ZEALAND

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C.S.G. BUYS 90% OF KONICA-MINOLTA CORP IN NEW-ZEALAND

 user 2009-12-21 at 10:19:49 am Views: 40
  • #23114

    C.S.G. BUYS 90% OF KONICA-MINOLTA CORP IN NEW-ZEALAND
    Australia print services firm CSG has entered into an agreement to buy a 90 per cent stake in Konica Minolta Business Solutions for NZ$107 million and pay a further NZ$25m for full ownership of Leasing Solutions.ASX-listed CSG said it planned to fund a portion of the acquisitions through a fully underwritten institutional placement of new shares raising about A$65m (NZ$82m), subject to shareholder approval.

    Konica Minolta is strong in the New Zealand document management solutions and digital production printing markets. Leasing Solutions, meanwhile, operates a standard finance lease model and currently manages an AA- rated finance book worth NZ$130m.Both businesses belong to the Onesource Group in New Zealand, which also owns Cogent Communications and Imagetec Office Solutions, formerly Danka.

    Onesource chief executive Evan Johnson says the two businesses have prospered under the current ownership structure despite a difficult recessionary environment. Having come through the downturn, both businesses are well positioned for growth, he said.Combined Konica Minolta and Leasing Solutions are expected to generate NZ$25m worth of revenue before interest and tax in the 2010 financial year.

    Mr Johnson said the transaction had the full support of Konica Minolta Business Technologies in Japan, which will retain its 10 per cent shareholding in the New Zealand business, as part of a long term joint venture relationship that ensures exclusive distribution and support of Konica Minolta products and services to the New Zealand market.Under the deal Mr Johnson will retain his role as the managing director of the New Zealand businesses and will join the CSG Australasian steering committee.
    http://www.stuff.co.nz/business/industries/3154186/CSG-enters-into-Konica-Minolta-deal
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