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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. ®