6th September 2010
Thursday, February 9th, 2012
Asseco Poland to gain control over Formula System
Polish IT service provider Asseco Poland is set to start realizing its plan for gaining a larger share in foreign markets. It has announced it will pay $142 million for a controlling share in Nasdaq-listed Israeli firm Formula System.
Most of the stake – a 49.2 percent stake in Formula System – is to be purchased from Emblaze Group; the rest from Formula System’s CEO Guy Bernstein.
According to Asseco Poland’s CEO Adam Góral, more than half of the transaction will be financed by a loan, while the remainder will be covered by funds gained from a share issue.
The transaction is set to give Asseco a 50.2 percent stake in Formula System and 51.2 percent of the vote in its shareholder meetings. Formula System’s capitalization amounts to more than $630 million.
From Warsaw Business Journal
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