CSC Enters Into Exclusive Talks To Acquire UXC Limited

(RTTNews) - Computer Sciences Corp. (CSC) said that it has entered into exclusive negotiations to acquire the shares of UXC Limited (UXC.AX) subject to due diligence, board approvals, and other requirements.

The agreed-upon price would be A$1.26 per share. Based on 340 million shares of UXC outstanding, the purchase price would be approximately A$428 million or US$300 million upon transaction completion.

UXC is Australia's largest independent and publicly owned IT services company, with reported fiscal 2015 annual revenues of A$686 million or US$480 million and 3,000 employees.

The transaction is subject to completion of a five-week exclusive due diligence process, negotiation of a Scheme of Implementation Agreement and respective board approvals, along with customary regulatory and court approvals for transactions of this type in Australia.

If the process results in a transaction, it would be expected to be finalized by February 2016.