News from BusinessWire:
Sale completed.
EL SEGUNDO, Calif.--(BUSINESS WIRE)--July 30, 2001--Merisel Inc.
(Nasdaq:MSEL.Q) today announced it has completed the sale of its Merisel
Canada Inc. subsidiary to Fremont, Calif.-based SYNNEX Information
Technologies Inc.
Merisel will receive approximately CDN$30 million in cash, subject
to post-closing adjustments for changes in working capital since March
31, 2001.
In connection with the transaction, Merisel and SYNNEX have
entered into a transition services agreement, through which Merisel
will provide SYNNEX with information technology services to support
the Merisel Canada business until it is fully transitioned to SYNNEX's
systems.
"I am pleased to have closed the sale," said Timothy N. Jenson,
Merisel's chief executive officer. "As we've stated, this is a
beneficial transaction for everyone involved. Merisel Canada gains a
strong multinational parent, and Merisel is able to move forward in
implementing our strategies for future growth.
"In the months ahead, we will focus on growing Optisel as well as
our U.S. Software Licensing business, which achieved second-quarter
growth of 65 percent and continues to win customer and vendor loyalty
with its personalized service and exclusive dedication to licensing,"
said Jenson. "In addition, we are actively evaluating acquisition
opportunities that will bring the most benefit to our manufacturer
partners, customers, associates and shareholders."
Also today, Merisel announced the extension of its transition
services agreement with Melville, N.Y.-based Arrow Electronics to Feb.
1, 2002. Through the agreement, Merisel provides logistics management,
order processing, configuration and information technology services to
Arrow Electronics' MOCA subsidiary.
"This is additional good news for Merisel," said Jenson. "Arrow
has been an excellent customer for our Optisel business. With our
world-class SAP and warehouse management systems along with our
logistics expertise, Optisel provides a very cost-competitive approach
for companies seeking state-of-the-art capabilities without making
substantial capital investments." |
