Virginia-based Computer Sciences Corporation (CSC) is working towards acquiring Australian IT services company UXC, the company announced Monday. The deal is for $428 million AUD ($300 million USD) or $1.28 per share, pending due diligence, and approvals including by both boards and regulators. CSC is performing a five week due diligence process, and the deal is expected to close in February 2016.
The share price includes a dividend of 2 cents per share for the second half of 2015.
UXC has become Australia’s largest independent and publically owned company after 13 consecutive years of growth. The ASX-listed company has 3,000 employees and 2,500 customers, and reported 2015 revenues of $480 USD. The company provides consulting, business application and infrastructure to medium and large enterprises and public sector organizations.
“The proposal from CSC recognises the potential of UXC and is a testament to the strong business we have built,” said Cris Nicolli, Managing Director of UXC in a statement. ”The Board of UXC is supportive of this move.”
In May CSC announced its intention to split into two publically traded companies, with one focussed on the public sector and one on the private sector.
CSC partnered with AWS and Microsoft to win a $108 million contract, announced in September, to provide cloud services to the Federal Aviation Administration.
If completed, the deal would create one of the largest IT services companies in the region. “This combination will provide an expanded set of services for customers as well as a broader industry reach,” UXC said in the statement.