UXC nabs $61m for Field Solutions Group

IT services company UXC is set to see a healthy profit from the sale of its Field Solutions Group to Cashel House, revealing today that the sale would net it $61 million.

UXC announced the sale of the Field Solutions Group to Cashel House in mid-July, adding that it expected to release financials to the market after a six-week negotiation period.

The financial particulars, announced today, see Cashel House pay a total sale price of $61 million for a swathe of UXC consulting brands, which includes Utility Asset Management, Skilltech Consulting Services, Infrastructure Constructions, UXC Metering Solutions and Fieldforce Services.

UXC today said that it expects the sale to push it out of debt and into a net profit position going into the new year. Cris Nicolli, managing director of UXC, expressed his delight at the deal, which keeps the company on track with its vision to become a pure IT services provider.

"We are excited to be on the verge of achieving a key tenet in the strategic plan we have adopted and announced, which is the transformation of UXC into a pure information technology business.

"The sale will also be an important milestone in allowing us to have a narrower and stronger focus on delivering other aspects of our strategic intent, including margin improvement, continued operational simplification, major new contract wins, and deliver growth and improved shareholder returns," Nicolli said in a statement today.