Onesource in $20m deal

United States-based Danka Business Systems is selling its Australian subsidiary, Danka Australasia, to New Zealand's Onesource Group for US$12.6 million ($20.6 million).

Danka provides office equipment and technology products and services, and Onesource is an office technology group, with more than 700 staff at 15 branches and offices.

The deal is expected to close on or before July 17, the Tampa Business Journal reported.

The company said the sale was part of its plan to invest in core assets in the US and Europe.

Danka Australia provides imaging systems and services to customers in the main Australian markets. In the year to March 31, it reported earnings of US$1.4 million on revenue of US$50.2 million.

- NZPA