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IBM Acquires Full Ownership of Australia IT Venture for $210M

SYDNEY-Lend Lease Corporation Ltd. and the Australian telecommunications company Telstra sell their interest in IBM Global Services Australia Ltd. to IBM Australia Ltd., giving IBM full control of its Australian IT and consulting services business.

By Brian K. Miller | Updated on August 27, 2003

SYDNEY- Lend Lease Corporation Ltd. and the Australian telecommunications company Telstra are selling their interest in IBM Global Services Australia Ltd. to IBM Australia Ltd. for a combined $210 million.

Lend Lease Corporation Ltd. is selling its 23% interest in IBM Global Services Australia Ltd. to IBM Australia Ltd. for $102 million plus repayment of a $10.2-million shareholder loan to IBM GSA. Telstra will receive $98.7 million for 22.6% stake.

Under the terms of the agreement, IBM Australia Ltd. will pay Lend Lease half the money upon completion of the sale, expected in September, and the remainder 12 months later. How IBM Australia Ltd. will pay Telstra was not immediately available.

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