CSG Systems to buy UK’s telecom billing service company Intec for $371 million
24 Sep 2010
CSG Systems International, a US-based provider of billing services to cable-television operators, today agreed to buy British rival Intec Telecom Systems for £236.7 million ($371 million).
Woking, west of Surrey, England-based Intec, which had said in July that it was in talks for selling itself, said the 72 pence a share cash offer made by CGS is at a 30.3-per cent premium to its closing price on 23 July-the day before the company entered into negotiations.
The board of Intec intend to recommend its shareholders to vote in favour of the deal and General Atlantic, which holds approximately 11.85 per cent of Intec, has agreed to the transaction.
Intec is a provider of Business Support System (BSS) software to over 60 of the world's top 100 telecoms carriers as well as to the financial services, transportation and the government sector.
Its 400 customers include industry heavyweights like AT&T, China Mobile, Deutsche Telekom, Telefonica, Vodafone, Verizon, Vivo and others.
Englewood, Colorado-based CGS provides billing solutions primarily to the cable and direct broadcast satellite industry in North America. It also licenses various software products, which allow clients to roll out new products, such as high-speed-data, telephony, and commercial services.
