Fuji Xerox completes CSG acquisition
Fuji Xerox has completed the acquisition of Australian-based IT service provider CSG, which will see CSG become a wholly-owned subsidiary of Fuji Xerox Asia Pacific.
As part of the completed acquisition, CSG will continue to operate with the same company name.
Fuji Xerox also announced CSG will now be headed up by newly-appointed managing director Ken Sugiyama, Fuji Xerox Australia and New Zealand corporate vice president.
"CSG will hereon be able to provide those customers with innovative products and IT services owned by Fuji Xerox such as optimising the entire business operation processes. We look forward to the opportunity to help our customers resolve their business challenges and their businesses grow further," Sugiyama said.
The completion of the acquisition comes after the two companies signed an initial agreement deal back in October for Fuji Xerox to acquire all the shares in CSG at a proposed price offer per share of AU$0.31.
See also: Don't say goodbye to paper: How AI makes printers--and paper--relevant again (TechRepublic)
At the time, Fuji Xerox revealed the acquisition plans were part of its strategy to expand the sales of its IT solutions and office printing equipment to small to medium-sized businesses in Australia and New Zealand.
The last time CSG was approached for a takeover bid was in 2011 by an unnamed company. At that time, the proposed offer price per share was AU$1.20.
The company later entered into a deal with NEC Australia that bought CSG's Technology Solutions business for AU$227 million. The deal led CSG to restructure its print services division.
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