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

 

ScoopPro: Helping PR Professionals Get More Out Of Scoop

Scoop.co.nz has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>

ALSO:

Crown Accounts: Govt Books In Line With Forecasts

The Government’s financial statements for the four months to 31 October indicate the books are tracking along with Treasury’s Budget forecasts, Finance Minister Grant Robertson says. More>>

ALSO:

Expert Reaction: Ross Sea Region Marine Protected Area In Force

Sweeping new protections for Antarctica's Ross Sea will come into effect on Friday 1 December. After five years of debate, the marine protected area (MPA) was agreed in 2016 after a joint proposal by New Zealand and the United States... More>>

ALSO: