Fujitsu Services bids $78m for Mandator
Fujitsu Services, one of Europe’s leading IT services companies, will become the sixth largest IT services company in Sweden if an offer for all shares in Mandator is accepted by its shareholders.
The price of SEK 3 in cash per share represents a significant premium of 30% compared to the volume weighted average trading price of Mandator’s shares in the ten days prior to the offer. The Board of Directors of Mandator unanimously recommended shareholders to accept the offer which was made on Monday 8th October.
Sweden has a large IT services market which Fujitsu Services believes has a strong growth potential. It is also home to many important global brands such as Volvo, Ericsson and Sandvik.
Mandator is a fast-growing IT services business which employs more than 560 people - 390 based in Sweden, 100 in Estonia (also a preferred near-shore location for Nordic customers) and the remainder in Denmark and the UK.
Mandator is an IT consultancy company which provides services within systems integration, applications development and management and IT infrastructure. Its main areas of operations are in the manufacturing sector, the telecom industry and the public sector, which together accounted for approximately 72% of sales in 2006.
Managing director of Nordic operations at Fujitsu Services, Mike Stares, said, “Mandator’s capabilities in application services, systems integration, project management and consulting are complementary to the strong infrastructure and outsourcing services offered by Fujitsu Services.
The combination of Fujitsu Services and Mandator will form the 6th largest IT services company in Sweden with a full range of offerings, a broad base of customers and excellent career opportunities for the people in both companies”.
Full terms and conditions of Fujitsu Services’ offer may be found at http://uk.fujitsu.com/offer
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- Graham Goulden
- Fujitsu Services
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