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Cullen takes full stake in Blue Star's tech group

By Phil Boeyen, ShareChat Business News Editor

Monday 18th September 2000

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Cullen Investments is buying the 40% stake in Blue Star Business Solutions which it does not yet own to take it to full ownership.

The amount Cullen is paying for the 40% holding, which is owned by US Office Products, is not being disclosed.

Blue Star Business Solutions comprises tech and telco companies including gen-i (formerly Wang), Cogent Communications, Ubix Document Solutions, Hart Candy, Auldhouse Computer Training, and Leasing Solutions.

Cullen's executive chairman, Eric Watson, says he is delighted the transaction has been concluded.

"This will enable the individual companies to grow their business with clear direction and focus under the control of a single shareholder. It will also make it easier to expand the businesses both operationally and geographically, something which would have been difficult under the previous ownership structure."

Mr Watson says the acquisition, when placed alongside Cullen's other technology and telecommunications investments, gives the company a very broad interest in the product and services that make up the "engine room of the new economy".

Cullen had previously taken a 60% stake in the companies from US Office Products in December last year.

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