On July 13, 2015 Computer Sciences Corporation (CSC) announced that it filed Form 10 Registration Statement (Form 10) with the U.S. Securities and Exchange Commission. CSC is converting its U.S. public sector division into a separate, publicly-traded company.
CSC is separating into two separate companies, one focused purely on public sector clients in the U.S. and the other focusing on U.S. commercial clients and global governmental clients. This split was initially announced on May 19 and will be effected through a one-for-one distribution of the new company’s stock to CSC shareholders. This 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 Mike Lawrie, CEO of CSC. “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 focused company will be a top three provider of mission-specific IT, infrastructure and business services to U.S. federal, state and defense agencies. After the separation is finalized, it will take on the name Computer Sciences Government Services, Inc. (Computer Sciences GS). CSC’s current executive vice president and general manager of NPS, Larry Prior, is expected become the new president and CEO of Computer Sciences GS.
The commercial focused company will retain the CSC name and brand and will continue providing information technology (IT) services and solutions partner for Fortune 1,000 companies and non-U.S. government clients.
To review the Form 10 filing on the SEC’s web site, click here.
