CSC Announces Filing of Form 10 for Planned Spin-off of U.S. Public Sector Business
14 July 2015 - 6:10AM
Business Wire
Important Step Toward Company Separation
Announced May 19
Separation Will Sharpen Strategic Focus for
Commercial and Public Sector Businesses; Transaction Expected to
Close by October 2015
Computer Sciences Corporation (NYSE: CSC) today announced a
milestone in the planned spin-off of its U.S. public sector
business into a separate, publicly traded company with the filing
of an initial Form 10 Registration Statement (Form 10) with the
U.S. Securities and Exchange Commission.
The intent to separate CSC into two companies – one to serve
public sector clients in the U.S. and one to serve commercial and
government clients globally – was announced on May 19. The spin-off
of the public sector business will be effected through a
one-for-one distribution of the new entity’s stock to CSC
shareholders, and will include a special dividend of $10.50 per
share at closing.
“Today’s filing is an important step in the separation of CSC
into two pure-play companies,” said CSC CEO Mike Lawrie. “Each will
be uniquely positioned for growth and leadership in their sectors,
and to drive value for customers and shareholders.
“We have made solid progress in our process so far and remain on
track to complete the transaction in the next several months.”
The U.S. public sector company, consisting largely of CSC’s
North American Public Sector (NPS) business, will be a top three
provider of mission-specific IT, infrastructure and business
services to U.S. federal, state and defense agencies. Upon
separation, it will take the name Computer Sciences Government
Services, Inc. (Computer Sciences GS), reflecting both the focus of
the new company and the Computer Sciences Corporation heritage.
Lawrence B. Prior III, currently executive vice president and
general manager of NPS, is expected to serve as the president and
chief executive officer of Computer Sciences GS, pending approval
of the new company’s board of directors. Prior has more than 30
years of public and private sector experience, with an extensive
background in intelligence, security, technology and defense
initiatives.
The commercial business – which will keep the CSC name and brand
after the separation – will move forward as the trusted information
technology (IT) services and solutions partner for Fortune 1,000
companies and non-U.S. government clients, leveraging its industry,
infrastructure and consulting expertise to lead customers on their
digital transformation journey.
To review the Form 10 filing on the SEC’s web site, use this
link.
About CSC
Computer Sciences Corporation (CSC) is a global leader of next
generation information technology (IT) services and solutions. The
Company's mission is to enable superior returns on our clients’
technology investments through best-in-class industry solutions,
domain expertise and global scale. CSC has approximately 70,000
employees and reported revenue of $12.2 billion for the 12 months
ended April 3, 2015. For more information, visit the company's
website at www.csc.com.
All statements in this press release and in all future press
releases that do not directly and exclusively relate to historical
facts constitute “forward-looking statements.” These statements
represent the Company’s intentions, plans, expectations and
beliefs, and are subject to risks, uncertainties and other factors,
many of which are outside the Company’s control. These factors
could cause actual results to differ materially from such
forward-looking statements. For a written description of these
factors, see the section titled “Risk Factors” in CSC’s Form 10-K
for the fiscal year ended April 3, 2015 and any updating
information in subsequent SEC filings. The Company disclaims any
intention or obligation to update these forward-looking statements
whether as a result of subsequent event or otherwise, except as
required by law.
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CSCRich AdamonisGlobal Media
Relations862-228-3481radamonis@csc.comorCSC NPSHeather
WilliamsCommunications571-488-4513hwilliams22@csc.comorCSCGeorge
PriceInvestor Relations703-641-3842investorrelations@csc.com
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