Getronics to create strategic partnership with Tecnocom in Spain and Portugal.
15/06/2007
Getronics today announced that Tecnocom, a listed Spanish ICT services company (Ticker: CIB), has made a binding offer to purchase Getronics' operations in Spain and Portugal, creating a strategic partnership with Getronics in the Iberian peninsula.

Amsterdam, 15 June 2007

The proposal involves the transfer of 100% of Getronics' operations in Iberia to Tecnocom in order to create a strong player in the Iberian market and to leverage the extensive application services capabilities and resources of Getronics' Iberian operations, as well as its capabilities in workspace management services.

The combined businesses of Getronics Iberia and Tecnocom will create the third largest ICT services provider in the Iberian market, with a leading position in the Iberian Financial Services sector. The pro-forma revenue of the combined businesses is estimated to be approximately EUR 450 million in 2007. The combined business would have 20 offices in Spain and operations in Portugal, in addition to Tecnocom's existing operations in Latin America.

The received and accepted binding offer of EUR 95 million, includes a EUR 15 million earn-out. The earn-out is subject to agreed performance targets being met in the first half of 2007. The offer will be 60% in cash paid at closing and the other 40% will be deferred, and could either be paid in cash or Tecnocom shares. If the deferred payment is made in shares, Getronics will potentially obtain an equity stake of more than 10% in Tecnocom as an industrial partner and will also attain a Tecnocom board position. The proposed deal is expected to be completed early Q4 2007, depending on final due-diligence, the finalisation of the partnership agreement and antitrust approval. As a result of this transaction, Getronics expects to record a book loss in the range of EUR 15 to EUR 30 million, including write-downs of certain fixed and intangible assets, transaction expenses, and depending on the final outcome of the earn-out agreement and the actual time of closing the transaction. No further financial details will be provided until the transaction is completed.

Following the recently completed strategic partnership in Japan with NTT Data Corporation, this new strategic partnership in Iberia announced today is an important step in implementing Getronics' international, focused strategy. By creating a stronger national player and a strategic partner in Iberia, Getronics will increase its capabilities for providing first-class ICT services to its international clients in the region. The creation of strong local partners is an important element of Getronics' strategy for consistently and effectively delivering its services to its international clients around the globe.

About Tecnocom

Tecnocom, is a leading Spanish company in the field of ICT. Tecnocom was listed for the first time in 1987, and was one of the founder companies and members of the new stock market index. Today Tecnocom is one of the Top-5 Spanish ICT companies.

Tecnocom offers its clients a full range of services and solutions in IT Consulting, Outsourcing, Applications Integration, Network Maintenance and Management, System Integration, Network Integration, IP Convergence, and Security and Telecommunications. Its broad experience in these fields gives Tecnocom a privileged position for offering its customers advanced solutions and services that cover the full range of ICT.

Tecnocom has a network of offices throughout Spain, in Madrid, Barcelona, Valencia, Bilbao, Seville, Malaga, Murcia, La Coruña, Santiago de Compostela, Vigo and Gijón, and international presence in Portugal, Mexico, Peru, Colombia and Chile.

Tecnocom shares are traded on the Spanish Financial Market (Ticker: CIB). For further information about Tecnocom, visit www.tecnocom.es .

About Getronics

With some 25,000 employees in more than 25 countries and approximate revenues of EUR 2.6 billion, Getronics is a leading international provider of Information and Communication Technology (ICT) services and solutions. Applying its expertise in workspace management, applications, and consulting and transformation services, Getronics helps organisations raise their performance and increase the productivity of their people, by providing them with the ability to share information and to work together efficiently, securely and effectively, wherever and whenever they need.

Getronics headquarters are in Amsterdam, with regional offices in Boston and Singapore. Getronics' shares are traded on Euronext Amsterdam ('GTN'). For further information about Getronics, visit www.getronics.com .