September 4, 2017 / 5:12 AM / 2 months ago

BRIEF-Datatec completes Westcon-Comstor sale to Synnex Corp

Sept 4 (Reuters) - Datatec Ltd:

* COMPLETED SALE OF ITS WESTCON-COMSTOR BUSINESS IN NORTH AMERICA AND LATIN AMERICA AND OF 10 PCT OF REMAINING PART OF WESTCON TO SYNNEX CORP​

* ‍PROCEEDS OF TRANSACTION COMPRISE $630 MILLION IN CASH ON COMPLETION AND UP TO $200 MILLION PAYABLE AS A CASH EARN-OUT​

* ‍MAXIMUM CONSIDERATION OF $830 MILLION EQUATES TO AN EQUITY VALUATION OF TOTAL WESTCON-COMSTOR DIVISION OF $1.1 BILLION​

* ‍BOARD WILL BE REVIEWING OPTIONS FOR USE AND DISTRIBUTION OF CASH PROCEEDS RECEIVED ON CLOSING OF TRANSACTION​

* ‍WILL CONSIDER RETURNING MAJORITY OF $500 MILLION TO SHAREHOLDERS BY WAY OF SHARE REPURCHASES AND/ OR A SPECIFIC DIVIDEND​ Source text for Eikon: Further company coverage:

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