Océ to Acquire Imagistics International Inc.20 Sep, 2005
Océ to Acquire Imagistics International Inc.
Océ and Imagistics International Inc., a direct sales and services provider of document imaging solutions, announced that they have entered into a definitive agreement for Océ to acquire all the outstanding shares of Imagistics for $ 42 per share in cash.
The Supervisory Board and the Board of Executive Directors of Océ have approved the transaction. Likewise, the Board of Directors of Imagistics has approved the transaction.
Rokus van Iperen, Chairman of the Board of Executive Directors of Océ: "This acquisition accomplishes Océ's strategic goal to expand and strengthen distribution power, in particular in the US market. We believe that culturally and strategically Océ and Imagistics are an excellent fit. Both companies have a solid financial position, and both serve complementary segments of the printing and document management markets. As a result of this acquisition we will be even better positioned to offer a complete range of value added solutions and world class products and services to our customers."
Marc Breslawsky, Chairman and CEO of Imagistics: "Together, Océ and Imagistics will make a powerful combination, as our companies clearly complement each other. Our customers will have comprehensive product coverage across all segments, all from one company, across the world. We expect that Océ and Imagistics will become a major force in the US office market, with superior growth prospects globally. I believe that this transaction is in the best interests of the employees, customers, suppliers and shareholders of Imagistics."
The Imagistics management will play an important role in the new company. Marc Breslawsky will be nominated to join the Executive Board of Océ N.V. at the Annual Shareholders Meeting. Imagistics employs 3,400 people of which approximately 1,200 are in direct sales and 1,200 in service. In both Canada and the U.K. the company has 100 employees. This acquisition will enable Océ to gain a strong market position among Fortune 1000 companies in the USA, as well as regional midsize businesses and non-profit organizations.