CSC to Sell Australian IT Staffing Unit for $73.5M
(NYSE: CSC) has reached a definitive agreement with Adcorp, South
Africa's largest employment services company, for the sale of Paxus, its
Australian IT staffing unit. This agreement, CSC's third divestiture in
seven weeks, advances CSC's transformation strategy to rebalance its
portfolio of services. The total value of this all-cash transaction is
expected to be $73.5 million.
Adcorp's decades-long history in the staffing industry will ease the
transition for Paxus's clients and employees. After the closing, CSC
will continue a business relationship with Paxus to meet its IT staffing
needs in Australia.
"This portfolio-shaping transaction is the latest step in CSC's