Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Cullen Completes Takeout of Technology Assets

FOR IMMEDIATE RELEASE

Cullen Completes Takeout of Technology Assets from USOP

Auckland, 18 September 2000 -- Cullen Investment today announced that it will acquire the residual 40 percent interest in businesses in the Blue Star Business Solutions Group from North American company US Office Products (USOP) for an undisclosed sum.
The agreement will see Cullen holding 100 percent of the information technology and telecommunications companies including gen-i (formerly Wang), Cogent Communications, Ubix Document Solutions, Hart Candy, Auldhouse Computer Training, and Leasing Solutions. Cullen had previously acquired a 60 percent interest in the companies from USOP in December 1999.
“I’m delighted to have concluded this transaction,” said Cullen Executive Chairman Eric Watson. “This will enable the individual companies to grow their business with clear direction and focus under the control of a single shareholder. It will also make it easier to expand the businesses both operationally and geographically, something which would have been difficult under the previous ownership structure. This acquisition, when placed alongside Cullen’s other technology and telecommunications investments, gives us a very broad interest in the product and services that make up the engine room of the new economy. And we believe on that basis it will be good for both staff and customers of these companies.”
ENDS




© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

OECD On NZ: NZ's Living Standards Framework Positive But Has Gaps

Treasury’s living standards framework reflects good practice internationally but has some data gaps, including in areas where New Zealand fares poorly, the Organisation for Economic Cooperation and Development says. More>>

ALSO:

RBNZ Act Review: Govt Plans Deposit Guarantee Scheme

The Coalition Government today announced moves to make New Zealand’s banking system safer for customers through a new deposit protection regime, and work to strengthen accountability for banks’ actions. More>>

ALSO:

Conduct Review Response: Banks Commit To Removing Sales Incentives

The FMA and Reserve Bank of New Zealand said today that all banks had committed to remove sales incentives from frontline staff and their managers. More>>

Consumer Report: Insurance Market Complaints And Uncertainty

Consumers are paying more than ever for insurance but they’re not getting a fair deal, Consumer NZ’s latest report on the industry shows. More>>

ALSO:

Workers “Blind-Sided”: Sanford Processing Restructure Plan

Up to 30 jobs – almost half Sanford’s Bluff workforce - could be lost if the proposal to move white-fish processing to Timaru goes ahead. More>>