Giant UK corporate reseller Computacenter has moved to quell reports in a Sunday newspaper that it is on the verge of floating in a valuation estimated at over #1 billion.
According to a representative at Computacenter, the reports, in yesterday?s Sunday Telegraph, were totally speculative. It quoted CEO Mike Norris saying: ?It is an option under consideration.?
Similar stories have done the rounds over the past five years but Computacenter has always denied them. However, there seems to be more substance to this latest report, with the Telegraph reporting that Computacenter has grown because of the year 2000 problem.
If the float does happen, co-founders Philip Hulme and Peter Ogden are set to make #300 million apieces, while the venture capital firms behind Computacenter would also generate profits.
However, one factor posssibly militating against a flotation is the fact that US company GE Capital, which is committed to consolidating the UK channel, would view Computacenter as a takeover opportunity.
Furthermore, it has the funds to do so if a flotation occurs. The Telegraph article maintains that the flotation will happen in the summer to the tune of around #1 billion.
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