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. Last Updated: 07/27/2016

Getronics Buys Wang Global




AMSTERDAM, Netherlands -- Dutch information technology group Getronics NV is buying U.S. group Wang Global in a deal worth $1.8 billion that will propel Getronics into the top ranks of computer service providers.


Getronics will buy all 46 million outstanding shares in Wang, which is nearly twice its size in sales terms, for $29.25 each, as well as warrants, options and other securities related to the U.S. computers services firm.


Wang's board has recommended that its shareholders accept the offer, which represents a 15 percent premium to the closing price of Wang's shares on Nasdaq on Monday.


The deal will create a firm among the world's top five computer companies, with annual revenues of about $5 billion, operations in over 40 countries and 33,000 staff.


Getronics' chief executive Cees van Luijk, who will head the new combine, said the significance of the deal lay in its geographical spread. The firm has extensive coverage in Europe with only slight gaps in Sweden and Germany.


"Customers want one supplier to do the work worldwide," he said after the deal was announced Tuesday.