AGC Networks announced acquisition of Black Box Corporation a leading digital solutions provider in the US.
The acquisition will also help add US$600 million to AGC’s revenue, taking the company’s combined revenue to over US$750 million, and global headcount to more than 4,000 people serving clients worldwide.
“We are excited to have Black Box become part of the AGC family, Black Box’s skilled teams and strong client relations with world-class enterprises and partners will allow us to better serve our global clients. In the immediate term, Black Box and its subsidiaries will continue to operate as is. The two companies will together create a unique organization that has the scale to deliver worldwide technical solutions to the largest and most complex corporations” said Mr. Sanjeev Verma, Executive Director & CEO of AGC Networks, and President & CEO of Black Box Corporation.
A concrete benefit of this acquisition is the diversity of offerings, markets and clients between the two companies, which presents tremendous opportunities for their clients, vendors and global team members.
Black Box Corporation will become a private company and its shares of common stock will no longer be publicly traded. This will result in Black Box Corporation becoming a 100% subsidiary of AGC.
“Adherence to financial discipline, governance and compliance standards is the highest priority across all theatres and geographies that AGC operates in. Along with these measures, rationalization of working capital availability and sustained focus on cash flow management will ensure smoother and quicker turnaround for business operations delivering value to customers, stakeholders and shareholders” added Mr. Deepak Kumar Bansal, Chief Financial Officer, AGC Networks.