More cash for PER
Perot Systems to sell Systor stake to UBS AG
Reuters Story - January 05, 2000 05:45
DALLAS, Jan 5 (Reuters) - Perot Systems Corp. , the information technology company headed by former U.S. presidential candidate Ross Perot, on Wednesday said it plans to sell its 40 percent stake in Swiss software developer Systor AG for about $55 million.
Perot Systems said it is selling its stake to its partner in the venture, UBS AG , which currently holds 60 percent of Systor.
The sale will result in a gain of $40 million, Perot Systems said in a statement.
Ross Perot, chairman, president, and chief executive of Perot Systems, said, "The sale of our minority interest allows each of us to pursue our individual business expansion plans, while remaining strong partners for the future."
Perot Systems said plans to increase its presence in the electronic commerce marketplace as it focuses on helping clients to create and integrate Internet-based channels and businesses.
Perot Systems said it looks to build upon its operations in strategic consulting, electronic business, and systems integration by investing in key technology companies and in client electronic business ventures. The proceeds from this sale add to Perot Systems' financial resources that can be used for investments, it said.
Perot Systems acquired its equity position in Systor as part of its 1996 strategic agreement with Swiss Bank Corp., which was expanded last year when Swiss Bank merged with Union Bank of Switzerland to form UBS AG.
Looking like 2000 is for e-commerce for PER.
Jack |
