Equipment leasing and services firm Comdisco Inc said yesterday that it had reached an agreement in principle to sell its mainframe leasing business to IBM Credit Corp. Financial terms of the deal were not disclosed. The sale of the portfolio comes as Comdisco is divesting itself of non-core businesses as it shifts it focus on the higher-margin, higher-growth IT services businesses.
Comdisco said it expects the deal to close during its third fiscal quarter ending June 30, 1999, pending a definitive agreement and regulatory approval. The company says its services business now has a backlog of more than $1bn in contracts. Comdisco said in March that it would exit the mainframe residual leasing business and sell its vendor lease portfolio. It says it will continue to provide mainframe customers with consulting services and will continues to lease PCs and servers, electronics, communications, scientific and medical equipment.
