CSG jumps on sale and restructure

Company News

Shares in CSG Limited (ASX:CSV) have jumped this morning after announcing the sale of its Technology Solutions business and a restructure of its Print Services Division.

The information technology provider has inked a deal to sell its Technology Solutions business to NEC Australia for a base consideration of $227.5 million.

Net proceeds are expected to be about $190 million and will be put to paying down debt and returning capital to shareholders.

CSG has also announced it will restructure its Print Services Division to improve efficiency and reduce costs.

Shares in CSG were trading 19.2 per cent higher this morning at $0.745.

In the first half of its 2012 financial year CSG reported a net profit of $9.3 million.