The Channel logo

News

By | Lewis Page 23rd October 2007 14:40

KPN completes Getronics takeover

Purge rationalisations and synergies expected

Netherlands telco KPN has completed its takeover of Getronics, following successful public offers for the Dutch service provider's ordinary shares and convertible bonds.

KPN also announced a new Getronics management lineup. Erik van der Meijden will hold the position of CEO of Getronics and Steven van Schilfgaarde the position of CFO.

Getronics will also appoint Gary Cawthorne (responsible for the Americas), Tara Brady (responsible for the UK) and Jos Schoemaker (responsible for Global operations) to its board, subject to shareholder approval.

KPN's own ICT Services and Corporate Solutions businesses will be integrated into Getronics as of the second half of 2008. The Getronics brand is to be maintained, according to KPN, as it is highly regarded by its customers.

Following the acquisition, KPN believes it is well positioned to provide end-to-end ICT services in the Netherlands, Belgium, United Kingdom, and North America. The new board intends to "rationalise central and group functions" among Getronics' 24,000 employees, expecting synergies/savings in excess of €50m pa by 2009.

Getronics shareholders and bondholders who have not yet accepted the offers made by KPN may still tender their Getronics shares and bonds to KPN until 5 November 2007, 15:00 CET. As of last week, KPN said it held 89.5 per cent of Getronics shares.

As soon as legally possible, KPN intends to terminate the listings of the shares and bonds, respectively, on Euronext Amsterdam and the Luxembourg Stock Exchange. ®

comment icon Read 6 comments on this article alert Send corrections

Opinion

Walking on water, image via Shutterstock

Chris Mellor

IDC stats reveal who's who in the backup appliance bearpit
Carry on Cleo

Gavin Clarke

Infamy, infamy, Amazon and Microsoft have all got it in for me!

Tim Anderson

Also signals stronger cross-platform tools, access to new markets

Features

Nerd fail photo via Shutterstock
Shouting match
Single market vs. rest of the world
hacker
Mostly it's financial crime. Here's what all the cool kids' terms mean in English
Apple logo. Pic: Blake Patterson
Plenty of bumps in the 40-year road for Mac makers