Logicalis, the networking reseller, has sold its Australian and New Zealand operations to IBM for AUS$88.5m (US$66m) in cash and repayment of loans.

IBM said the acquisition will improve its networking consulting and integration business - "an area our clients have identified as fertile ground for business transformation projects". It is taking on 300 Logicalis ANZ staff.

Logicalis has its headquarters in the UK and is part of South African-owned Datatec. Its parent company said the IBM bid was unsolicited and "represents a significant premium to the historical investment costs".

The group will use the money to strengthen the balance sheet and for potential acquisitions.

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