CSC Group sold their ESI business in Singapore.
Rajah & Tann described the deal as a sale and purchase of the enterprise solutions and integration (ESI) business in Singapore and Malaysia by the sellers (the CSC group) to the buyers (the Itochu group).
The firm added that for the Singapore ESI business, the Singapore target company was acquired by the buyers. For the Malaysian ESI business, the sellers undertook a restructuring exercise to spin-off the relevant ESI business assets to a new company. Buyers then acquired the new company.
The buyers were represented by R&T (as transaction counsel) and KCP (as Malaysian counsel). The sellers were represented by Baker & Mackenzie, Wong & Leow (as transaction counsel) and Wong & Partners (as Malaysian counsel).
For the buyers, the transaction represents an expansion of its global operations into the south east Asian region.
The deal team leaders are Lim Wee Hann and Tan Chon Beng from Rajah &Tann LLP, and Yon See Ting from Kamilah & Chong.
SBR: Please tell us more about the deal.
The size of the deal was US$90 million for the acquisition of 100% of the shares in CSC Automated Pte Ltd and CSC ESI Sdn Bhd.
Our clients were Itochu Techno-Solutions Corporation and Itochu Corporation, both of which are Japanese companies publicly listed on several stock exchanges in Japan.
The ultimate holding company of CSC Automated Pte Ltd and CSC ESI Sdn Bhd is Computer Sciences Corporation, a US company listed on the NYSE.
SBR: What makes the deal significant?
This was a cross border deal that involved listed companies in the US and Japan. For the acquirors, this represented a compelling opportunity for them to expand their presence in Southeast Asia and is part of their overseas expansion strategy.
Do you know more about this story? Contact us anonymously through this link.