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Application From Hewlett-Packard To Acquire Compaq

Issued 14 February 2002/015


Commerce Commission Receives Application From Hewlett-Packard To Acquire Compaq Computer Corporation

The Commerce Commission has received an application from Hewlett-Packard Company to acquire the whole of the issued share capital of Compaq Computer Corporation.

Hewlett-Packard and Compaq proposed to merge in the United States in an agreement dated 4 September 2001. Under the terms of that transaction, it is proposed that Compaq be merged with a newly formed subsidiary of Hewlett-Packard, thus becoming a wholly owned Hewlett-Packard subsidiary.

Hewlett-Packard and Compaq have a number of New Zealand interconnected bodies corporate including Hewlett-Packard NZ Limited, Compaq Financial Services (New Zealand) Limited and Compaq Computer New Zealand. The terms of the merger agreement in New Zealand have not yet been finalised.

In considering the application under the Commerce Act, the Commission’s role is to determine whether the merger has the effect of substantially lessening competition in any New Zealand market. Hewlett-Packard suggests that the relevant New Zealand markets are the supply of PCs, handheld information devices, servers, enterprise storage systems, IT services and the supply of printers.

A public version of Hewlett-Packard’s application is available on request from the Commerce Commission. Please contact Catherine Best, (04) 498-0953.

Background

Hewlett-Packard was founded in 1939 and incorporated in 1947 in the State of California. Its corporate headquarters are in Palo Alto, California. It operates in more than 120 countries. More than half of it’s revenue is derived from business outside the US. Hewlett-Packard is a global provider of computing and imaging solutions and services for businesses and the home.

Compaq was founded in 1982. Compaq is a global provider of computing products and services, and has its corporate headquarters in Houston, Texas.

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