Williams Lea acquired 100% of the shares of The Stationery Office Holdings Limited (TSO), London, on 10 January 2007. The Stationery Office provides print and document management services primarily for UK government agencies and public-sector organisations, is the market leader in the public sector and has built excellent relationships with clients in public administration. At the same time, the acquisition will strengthen the position of Williams Lea as a global leader in corporate information management solutions. The allocation of the purchase price for TSO is presented below. As part of the acquisition, Deutsche Post World Net repaid financial liabilities in the amount €135 million. TSO contributed €25 million to the Group’s EBIT.
|
|
|
|---|---|---|
€m |
10 January 2007 |
|
Cost of the investment |
22 |
|
Transaction costs |
1 |
|
Total cost |
23 |
|
Less net assets acquired at fair value |
–116 |
|
Goodwill |
139 |
|
|
|
|||||
|---|---|---|---|---|---|---|
€m |
Carrying amount |
Adjustments |
Fair value |
|||
Intangible assets |
0 |
83 |
83 |
|||
Property, plant and equipment |
3 |
0 |
3 |
|||
Non-current financial assets |
0 |
0 |
0 |
|||
Current assets and cash and cash equivalents |
22 |
0 |
22 |
|||
Non-current liabilities and provisions |
–158 |
–4 |
–162 |
|||
Current liabilities and provisions |
–34 |
–3 |
–37 |
|||
Deferred taxes, net |
0 |
–25 |
–25 |
|||
Net assets acquired |
–167 |
51 |
–116 |
|||
|
|
|
|---|---|---|
€m |
10 January 2007 |
|
Brand name |
11 |
|
Customer list |
72 |
|
Pension obligations |
–4 |
|
Other non-current provisions |
–3 |
|
Deferred taxes, net |
–25 |
|
Adjustments to assets and liabilities |
51 |
|
