Corrs Chambers Westgarth is acting for NEC Corporation in relation to the A$227.5 million acquisition of CSG Limited’s Technology Solutions business and associated transitional services.
The acquisition is consistent with NEC Corporation’s global growth strategy to further develop its ICT services capabilities. NEC Corporation is a leader in the integration of IT and network technologies that benefit businesses and people around the world.
The Corrs team advising on the transaction was led by senior corporate M&A partner Teresa Handicott who was supported by special counsel Andrew Mackenzie and senior associate Nicole Graham. The M&A team was assisted by IP/IT specialists partner Helen Clarke and senior associate Sophie Bradshaw.
Corrs lead partner Teresa Handicott said, “The Corrs team is delighted to have advised NEC on this important transaction and to have supported NEC Australia in its vision of becoming a leading Australian ICT services company.”
In announcing the transaction, NEC said that this investment will position NEC Australia Pty Ltd as one of the top tier ICT companies in Australia, by revenue (over A$400m) and employees (approximately 1,550).
The acquisition is expected to close in early July and is subject to several standard sales conditions and final Foreign Investment Review Board approval.
This is the latest deal for the Corrs Corporate M&A team. Corrs strength in M&A was recently recognised at the ALB Australasian Law Awards 2012 where the firm won the highest number of overall awards and five deal of the year awards - the most deal awards of any firm - including Australian Deal of the Year.
Mitsubishi UFJ Morgan Stanley Securities acted as exclusive financial advisers.