Japanese technology giant Fujitsu has finally acquired Telstra's Kaz IT services division after what is believed to be several years of on- and off-again negotiations.
Announcing the $200 million deal this morning in a statement, Telstra's enterprise and government chief David Thodey, who oversees Kaz, said Telstra no longer saw ownership of an IT services business as a core part of its strategy. Telstra would work with Fujitsu and customers to ensure a "smooth transition", he said.
Fujitsu said the acquisition would make it the third-largest IT company by revenue in Australia, and give it a team of nearly 5,000 staff locally.
Telstra bought Kaz in 2004 for $333 million and has been plagued ever since by persistent rumours the company was looking to offload the business, which holds substantial IT services contracts with the likes of the Department of Defence.
More to follow.
Hilarious! Bunch of idiots ruined a once very good company and sold it for a $100mn less than they bought for. Ha ha ha