NEC Corporation acquires CSG Technology Solutions business
NEC Corporation has completed its purchase of the Technology Solutions business owned by CSG.
Business negotiations regarding NEC Corporation's acquisition of CSG's Technology Solutions firm have concluded with the deal taking place.
Finalisation of a number of sales conditions and approval of the Foreign Investment and Review Board were required before the transaction could occur, which is set to consolidate the position of NEC Australia as one of the local market's leading ICT service providers.
The deal involves the purchase of all of CSG's Technology Solutions enterprise and NEC will boost its workforce to an estimated 1,550, while enhancing revenue by more than A$400 million (£263 million).
NEC Australia managing director Alan Hyde said: "The merger will ensure retention of local expertise and will enhance our ability to present a strong local footprint in the Australian market."
Dr Nobuhiro Endo, NEC Corporation president, had previously claimed the combined firm will have the "capabilities and scale" needed to secure some of the largest ICT contracts in Australia.
Posted by Edel Quinn
Source: NEC Australia press release, June 2nd