Japan-based consulting group Nomura Research Institute is buying Australian IT business solutions provider ASG Group in a $349 million deal.
ASG’s shares jumped 16% to $1.585 when the $1.63 cash share deal was announced.
Nomura Research is listed on the Tokyo Stock Exchange and has a market capitalisation of about $10.2 billion.
The ASG board of directors has recommended shareholders accept the offer.
“This is a compelling offer that gives ASG shareholders the opportunity to realise immediate value for their investment,” says chairman Ian Campbell.
Shingo Konomoto, the CEO of Nomura Research Institute (NRI), says the acquisition is an exciting opportunity to build his company’s offering.
“We look forward to bringing our expanded technology capability and experience to ASG’s customers, enhancing the range of technology products and services provided to them so
customers can run their businesses more efficiently and profitably,” says Konomoto.
“In addition, we believe that under NRI’s ownership, ASG can continue to grow as a major competitive force in the Australian market. NRI also holds strong ambitions of taking ASG’s New World service offering into new international markets.”