HP confirms that Synstar acquisition has taken place

Hewlett Packard has issued a statement confirming that it has now acquired Synstar plc and that any remaining Synstar shares will be compulsorily purchased by mid-November.

HP’s statement reads as follows:

HP (HPQ) today announced it has acquired the business of UK-based Synstar plc ("Synstar"). Pursuant to the terms of the recommended cash offer announced on Aug. 9, 2004, HP Global Investments BV ("HP BV"), a wholly owned subsidiary of HP, has acquired approximately 92.1 percent of the issued share capital of Synstar and expects to acquire, compulsorily, all remaining Synstar shares by mid-November 2004. The terms of the acquisition value Synstar's existing share capital at approximately GBP 163 million (US$293.3 million).

Synstar is a leading independent provider of information technology (IT) services to approximately 1,500 customers across Europe. Synstar has over 2,600 employees and representation in Ireland, Germany, Belgium, Luxembourg, The Netherlands, the UK and Spain. With more than 35 years of experience, Synstar's expertise and capabilities in the area of multi-vendor support and business continuity further strengthen HP's ability to help customers achieve a better return on their IT investments and improve their responsiveness to change.
Synstar also brings strong managed services capabilities to HP that are geared to deliver business continuity and availability, spanning lifestyle management of desktop environments to data center environments, while also implementing IT risk management strategies.

"Synstar has a fantastic track record and is a great fit with HP," said Francesco Serafini, senior vice president and general manager, Technology Solutions Group -- EMEA, HP. "We believe that the addition of Synstar's support and business continuity services will enhance our services capabilities across EMEA, and puts us in an even stronger position to compete in the European multi-vendor market. We look forward to driving forward as one business."

"This acquisition represents the completion of our plan to transform Synstar into a world-class provider of managed and support services," said Steve Vaughan, chief executive, Synstar. "Our shareholders have benefited from the value that this has created, and our employees join a much respected major player in the IT market. Additionally, our customers can be sure they will continue to receive the same quality, value and flexibility upon which we have built our reputation and will have access to one of the world's largest and most comprehensive IT services organizations."

U.S. shareholders of Synstar are advised that HP BV today announced that all conditions to the recommended cash offer for Synstar shares have either been satisfied in full or, where permitted, waived, and that the offer has been declared unconditional in all respects. HP BV also announced its intention to acquire compulsorily all outstanding Synstar shares which have not yet validly accepted the offer, to seek cancellation of the listing of Synstar shares on the Official List of the UK Listing Authority and to seek cancellation of the trading of Synstar shares on the London Stock Exchange. The offer will remain open for acceptance until further notice.

•Date: 1st October 2004 • Region: UK/W.Europe •Type: Article •Topic: BC markets
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