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UPDATE: T-Systems Signs Outsourcing LOI with Philips

Markus Klausen and Anna Marij Van Der Meulen
The Wall Street Journal Business
Monday, September 12, 2009

FRANKFURT (Dow Jones)--T-Systems, Deutsche Telekom AG's (DT) corporate customers arm, has signed a preliminary outsourcing contract with Dutch electronics company Koninklijke Philips Electronics NV (PHG), a spokesman for T-Systems told Dow Jones Newswires Monday.

The letter of intent was signed Oct. 7, Philips spokesman Joon Knapen said. He added the companies are currently in the last stage of negotiations with the works council and expect to finalize the deal between within a month.

Philips will outsource IT operations, such as the data room, to T-systems.

No jobs will be lost at Philips due to this outsourcing contract and the personnel involved will transfer to T-systems, Knapen noted.

Neither T-Systems nor Philips gave financial details of the deal.

The comments confirm a report in Germany's Boersen-Zeitung over the weekend. According to the report, the volume of the deal would be several hundred million euros.

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