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| HR firm opts for Herts HQ |
| Written by Business Weekly | |
| Wednesday, 09 May 2007 | |
|
Hertfordshire is set to become the headquarters of a major global human resources company following Northgate Information Solutions’ £257 million bid for Belgium-based ARINSO International.
Already the UK’s leading supplier of specialist software, Northgate will seek shareholder approval to take over the Belgian firm claimed to be the leading independent provider of SAP-based (Systems Applications and Products) HR services and solutions in Europe, Asia and the Americas. Northgate believes the combined businesses will be extremely well placed to address a $15bn worldwide HR outsourcing market, providing a substantial global platform from which Northgate can grow the enlarged business. Northgate has signed an agreement with ARINSO CEO, Jos Sluys, to acquire his holding (60.43 per cent) for €18.75m in cash and five new Northgate shares for each ARINSO share. After completion, Northgate will launch a mandatory public offer to acquire the remaining shares in ARINSO, elevating the total consideration to £257.2m. The deal is being financed through a new £500m debt facility and the board expects it to be earnings enhancing in the first full financial year following its completion. |
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