MiTAC Holdings Corp (神達) yesterday said its US affiliate, Synnex Corp, has inked an agreement to acquire outsourcing business service provider Minacs Group Pte Ltd for US$420 million to broaden its business scope.
Minacs is to be integrated with Synnex’s Concentrix unit, MiTAC said in a filing with the Taiwan Stock Exchange, citing a statement from Synnex.
Synnex assembles and distributes electronics for branded clients around the world.
Concentrix, a wholly owned subsidiary of Synnex, operates about 90 delivery centers in 25 countries.
The deal aims “to strengthen domain expertise in Concentrix’s automotive industry vertical and accelerate marketing optimization and Internet of Things solutions with Minacs’ proprietary technology,” Synnex said in the statement. “The deal also provides Concentrix more scale and reach to further serve its client base.”
The agreement is in line with the company’s goals of expanding margin and diversifying revenue, Synnex said.
The acquisition is expected to add about US$400 million in revenue per year and earnings per share of US$0.53 to Synnex, according to the company’s statement.
The transaction is expected to be completed this quarter if it meets regulatory requirements and customary closing conditions, Synnex said.
MiTAC is expected to benefit, as it holds about a 14 percent stake in Synnex.
Last year, MiTAC booked an about NT$829 million (US$25.73 million at the current exchange rate) in gains from Synnex, according to MiTAC’s annual report.
MiTAC on Monday posted a sequential decline of 24.78 percent in revenue to NT$3.46 billion for last month, compared with NT$4.6 billion in May.
Second quarter revenue totaled NT$11.61 billion, down by about 30 percent from NT$16.62 billion in the same period last year.
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