Black Friday Sale! Save huge on InvestingProGet up to 60% off

Japan's NEC considers buying Civica for $1.2 billion - Sky News

Published 14/07/2017, 04:33
© Reuters. FILE PHOTO: Logos of NEC Corp are pictured at CEATEC JAPAN 2016 in Chiba
JP225
-
III
-

(Reuters) - Japanese information technology company NEC Corp is looking at buying British software firm Civica for 900 million pounds and has hired advisors to work on an offer, Sky News reported.

An auction for Civica, one of the UK's biggest public sector software providers, began several weeks ago and has drawn initial offers from three private equity firms - London-based BC Partners, Berkshire Partners and the Swiss-based Partners Group, Sky News said, citing an industry source.

A spokesman for NEC said the company is "always considering a wide range of business possibilities, but that nothing has been decided at this time."

Representatives for Civica were not immediately available for comment outside regular business hours.

OMERS Private Equity acquired Civica from 3i (LON:III) in 2013 for 390 million pounds, according to Thomson Reuters LPC data.

Civica provides outsourcing services to government organisations and local authorities around the world, from running most of the UK police force's automatic number plate recognition system to Singapore's public library management system.

NEC provides a broad range of systems and software services for both the public and private sector. Recent contracts include the provision of its facial recognition system to the UK's South Wales Police force and one to integrate internal systems for the city of Lisbon.

The Japanese firm sold most of its stake in its PC joint venture with Lenovo Group last year, a part of a broader trend of Japanese companies shedding struggling hardware businesses.

NEC shares were flat in morning trade in Tokyo, compared with a 0.1 percent rise in the benchmark Nikkei share price index.

© Reuters. FILE PHOTO: Logos of NEC Corp are pictured at CEATEC JAPAN 2016 in Chiba

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.