CSC-UXC merger gets final blessing

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CSC-UXC merger gets final blessing

CSC has passed the final hurdle in its bid to merge with UXC.

Today the Supreme Court of Victoria approved the scheme of arrangement, allowing CSC to acquire all of UXC’s shares.

UXC's shares will cease trading on Friday when the court orders are lodged with the Australian Securities and Investments Commission.

UXC shareholders will receive $1.22 cash for each share and a fully ranked dividend of $0.02 per share. This brings the deal to approximately $427.6 million based on a transaction of 345 million UXC shares

The combined CSC-UXC will generate approximately $1.4 billion in revenue and bring its staff headcount to 5100. This places the company as one of the largest IT providers in Australia ahead of Dimension Data and Data#3.

The deal had already been overwhelmingly approved by UXC shareholders earlier this week and by the ASX back in October.

UXC chief executive Cris Nicolli is set to retire once the merger is finalised.

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