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

Lost

Jennifer Baker

European Commission still silent despite Ireland's plea

Neil McAllister

Claims that cloud will drive Oracle's future growth ring hollow

Features

AWS and Salesforce match up to Ellison's hardware
Five years on, what did Larry's lot do to Sun's partner network?
But here's why we're (probably) not staring at a crash
BlackBerry Passport
Network intelligence - our secret weapon