Getronics and NIB Capital Private Equity have reached agreement on the sale and purchase of Getronics Human Resources Solutions BV (GHRS) for circa EUR 315 million cash proceeds, resulting in a book profit of circa EUR 270 million. The transaction is still subject to certain conditions and the customary regulatory procedures are in process.
As part of the review of its assets and as previously announced, the Company concluded that the Human Resources Solutions business unit was non-core. GHRS will have more freedom to develop outside of Getronics and its strategic position will be enhanced by its new partner. The Company welcomes NIB Capital Private Equity as the new shareholder for GHRS, which will ensure continuity and prosperity for GHRS, its employees and its customers.
“We are very satisfied with the swift and competitive sale process and the resulting cash proceeds” says Klaas Wagenaar, Vice-Chairman, “the sale of GHRS is a milestone in the realisation of the entrepreneurial solution, which enables us to accomplish a solid financial arrangement with the trustee and bondholders”.
ABN AMRO Corporate Finance has acted as financial advisor and Greenberg Traurig has acted as legal advisor to Getronics in respect of the divestment of GHRS.
About Getronics
With approximately 25,000 employees in over 30 countries, Getronics is one of the world’s leading providers of vendor independent solutions and services to professional users of Information and Communication Technology (ICT). Through consulting, integrating, implementing and managing Infrastructure Solutions and Business Solutions, Getronics helps many of the world’s largest global and local organisations to maximise the value of their technology investment and improve interaction with their customers. Getronics’ headquarters is in Amsterdam, with regional head offices in Boston and Singapore. Getronics’ shares are traded on Euronext Amsterdam (‘GTN’). For further information about Getronics, visit www.getronics.com
About NIB Capital
NIB Capital Private Equity is one of the largest private equity investors in the world, with more than EUR 14.1 billion of assets under management. NIB Capital Private Equity invests directly in companies. In the Benelux countries and Germany, NIB Capital Private Equity acts as lead investor, and elsewhere in Europe and the United States it co-invests alongside other private equity funds acting as lead investors. In addition, NIB Capital Private Equity invests approximately 80% of these funds in private equity funds (either directly or through secondary transactions). NIB Capital Private Equity also manages a mezzanine fund in the United States. NIB Capital Private Equity has approxmately 55 investment professionals based in Amsterdam, Antwerp, Frankfurt and New York. NIB Capital Private Equity is funded by her two founding shareholders ABP and PGGM, being two of the largest pension funds in the world, with assets under management of EUR 135.5 billion and EUR 45.3 billion, respectively, as at December 31, 2002.
About Getronics HR Solutions
Getronics HR Solutions is the leading payroll processor in the Netherlands with an output of 2 million salary slips per month. In addition to payroll processing GHRS is also active in development of software for HR-departments, HR consultancy and insourcing of personnel- and salary administration. There are 650 people employed who together service 4,200 companies and organisations, in both the private and non-profit sector. Through its partners the number of clients is even larger. The clients of GHRS can be found in the healthcare, public and private sector, and include UWV, Amsterdam municipality, TPG and ABN AMRO.
For further information:
Press enquiries Investor enquiries
Getronics Media Relations Getronics Investor Relations
Tel: +31 20 586 1581 Tel: +31 20 586 1964
Fax: +31 20 586 1455 Fax: +31 20 586 1455
media@getronics.com investor.relations@getronics.com
NIB Capital Private Equity
Alexander van Wassenaer, Partner Buyouts,
Tel. +31 20 540 7533
Fax: +31 20 540 7501
Mobiel: +31 654 674 695
alexander.van.wassenaer@NIBcapital.com
Getronics HR Solutions
Theo Willemsen, CEO Getronics HR Solutions BV,
Tel: +31 33 450 6679
Fax: +31 33 450 6693