Telstra to take a hit with sale of Kaz to Fujitsu
Fujitsu, a provider of business, information technology and communications solutions, has entered into an agreement to acquire 100% of shares in KAZ Group from Telstra for AU$200 million, subject to regulatory approval.
In 2004, Telstra bought KAZ for $333 million and now it is off-loading it to Fujitsu at a greatly reduced price.
This investment confirms Fujitsu’s commitment to invest in and grow its Australian business as well as boost Fujitsu’s position in the Australian market. This acquisition will make Fujitsu the third-largest IT company, by revenue, with a team of nearly 5000 across the country.
The deal also creates a strategic alliance between Fujitsu and Telstra that builds on the existing working relationship and provides new opportunities in the Australian market.
With a strong track record for working with Australian governments, particularly at the state level, the acquisition of KAZ gives Fujitsu enhanced service capabilities for federal public sector opportunities and a strong physical presence in Canberra.
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