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 10:20:27 am Views: 59
  • #23098

    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