Services companies go for savings
By Jo Best
Published: 1 November 2004 15:39 GMT
Getronics has announced it will acquire fellow Dutch ICT services company PinkRoccade in a deal that's worth €338m.
Getronics will buy PinkRoccade's shares to form a company with estimated annual revenues of over €3bn and headed by current Getronics CEO, Klaas Wagenaar.
The companies are also reckoning on saving between €35m and €40m as a result of the union. The savings are timely for the pair - both experienced single-figure percentage decline compared to the corresponding third-quarter period last year according to their latest results.
PinkRoccade and Getronics are hoping the acquisition will strengthen their positions in two key markets - the Netherlands and the UK.
Ovum Holway analyst Kate Hanaghan described the move as inevitable and said the buy would help the two companies survive in the competitive mid-market.
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