Infrastructure services provider Getronics NV has completed the sale of its US government sector business for 224m euros ($222m) plus 27m euros ($26.7m) in contingency payments.
The buyer is DigitalNet, a Bethesda, Maryland-based investment vehicle backed by private equity from GTRC, which focuses on network and desktop services. Amsterdam, Netherlands-based Getronics said it has already received 12m euros ($11.9m) of the expected contingent payments. The Government Solutions division provides desktop and network services to the US federal government departments and currently employs 2,300 people.
The deal was first announced in October, and Getronics said that the proceeds from the sale are expected to lead to a positive cash position of approximately 500m euros ($495m) at year-end and will put it on course to lower its net debt level to below 450m euros by the end of the year, compared to 630m euros ($624m) at the end of June 2002.