Business Services Industry
Wang And Bull Complete Transaction
Business Wire, Feb 1, 1995
LOWELL, Mass.--(BUSINESS WIRE)-- Feb. 1, 1995 -- Groupe Bull ("Bull") and Wang (NASDAQ:WANG) today closed the acquisition by Wang of Bull's worldwide workflow and imaging business, its U.S. government systems integration business, its U.S. customer service business, and its sales and service subsidiaries in Mexico, Australia, New Zealand, and Canada. The transaction, which was announced on September 20, 1994, also includes several reciprocal, worldwide distribution and licensing agreements.
Under the agreement, Wang paid to Bull $110 million in cash, a $27.2 million subordinated note, and 1,650,000 shares of Wang stock, representing approximately 4.9 percent of Wang's shares. In addition, Mr. Axel Leblois, president and chief executive officer of Bull HN Information Systems Inc., will join the Wang board of directors.
CONTACT: Frank Ryan 508-967-7038 Peter Stavropulos 508-294-5654
Ed Pignone 508-967-4912 Bruce MacDonald 508-294-6602
(for Wang) (for Bull)
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